Tight play will payoff in most cases but you also have to loosen up a bit when blinds get up there.
Last night i was in a $2 tourney on PS, i played tight for most of the tourney and was doing good staying in the top 20 thru most of it. However in the end it hurt more than helped, when blinds got up to 7500/15k players were raising alot just to steal the blinds, i couldn't get a hand. When i finally got 66 and was down to 11x's BB i went all-in, chipleader had over 800k and called with 109os, he hit a 10 on the turn, i was out in 17th.
My point is this....no matter how we play there is always a risk factor, loose players often hit on the flop when they shouldn't have called due to crappy hole cards. Tight play works until the blinds get up there and we are forced to play hands that we would normally fold.