Midnight Madness is one of the only tournaments on Fulltilt that has a 15% payout structure (all the rest are top 10% getting paid, except for the Daily Doubles (15%) and the Ferguson (15%), the $28Kguar. used to be top 15% but was changed back to top 10% like the rest of the $26buyin guar.).
BUT,.. every Tom, Donk and Harrietta try to play for the final table big prize money in the Mid.Mad. so you get a huge minefield of donks in it (similiar to a freeroll or $1 buyin mtt). Alot of flop pot-sized donk bets out of pos., tons of loose maniacs way over-valuing their hands, etc. etc. That tourney is full of them (the tv viewing poker newbie pros, lol).
BUT... you also get some very skilled 'regulars' as well,.. players who normally and regularly play in the higher buyins on Fulltilt so you get a big cross section of players. This can make it a bit difficult in earlier going as you might find yourself laying down the winning hand on more than one occasion but definitely helps to try to pick out the regulars (the ones who are most likely not entering very many pots in early going and when they do they've got very strong hands and play them quite aggressively).
I'd say that 'maybe' the tourney would be worth taking a shot at but I personally wouldn't do it till I had at least 20buyins in my account.
That $3 sat. sng that you entered and won,.. it too is a super donkfest. I played it for awhile to help build a bankroll as it is fairly easy to be ITM in it. I've suggested it to many people to play in if they're looking to build a bankroll with limited funds in their accounts to start off with. I was actually able to be ITM above 50% in those sat. sngs. If you feel comfortable in them, why not try playing them regularly and try to build up the bankroll a bit from them (the T$ can be used for entering any sng or mtt on Fulltilt). With a very tight sng strategy it can be easy to cash in them regularly (as you've already gotten a taste for).
This response is obviously coming a bit late but just some stuff to maybe consider. Oh yah.. and for those who suggested that you go ahead and play the M.M. for sure,... how are their bankrolls doing? Have they cashed in it?
GL in the next ones!!