What stakes are you playing at for NL, FP?
I agree with you, AI, to an extent - people will chase just about anything at the micros, but where is the drawing line?
I mean there are still donkeys at the 1/2 that i play that will chase a flush draw for all their chips, and i'm sure there are donkeys at 10/20 aswell.
(^^^i know he had a bunch of outs, but he had no business calling the even the flop bet, and all in on the turn card while still drawing
is never a good play)
Overall it is definitely a +EV play, making your opponent fold the best hand, even if it is less likely to happen at the micros (where it still works, but just not as well IMO)
All you have to be careful of is when you get called - you have to reassess the situation, decide whether he's drawing (alot of the time i'll fire out a second bullet if he's passive enough) or if he really has a hand, and decide how much he's willing to call; at the micros you probably won't be able to push someone off of 2nd pair unless they're fairly passive and you put out a real strong bet.
As for a comparison between NLH and LHE, continuation bets definitely
work best at NL.
At the lower limits I think you need to stay solid and keep it simple.
This is key, though.
The more complex you get with simple players, the less you'll profit. I know you know this FP, but the simpler the player you're up against, the simpler you should make your play.