I've played around 150 of the 11 cent hypers and I've been more or less breaking even. One mistake I see people making time and again is to shove a hand like J6o or Q2o on the first round to try and double up early, so that they don't have to play short stacked. It might work, but the blinds are only 15/30 on the first round so you're risking your whole tournament for a small gain, and more often than not somebody will call with K high or A high and win.
Since you start with only 10BB you don't have a lot of room for raising, in most cases it's either fold or shove. I've probably been playing slightly too tight in these, but what I've been doing is waiting out the first 5-6
hands unless I get a really good hand, and usually at least 2 players will be gone by then. You can get whiplash from the swings in stacks in these, yesterday I was in one where I had around 100 chips, another player had ~400, and the chip leader was over 1200. Within a few hands I was the chip leader and the old leader was busted out, but I finished second after 2 hands HU.