Progressive Bounty Tournaments or Progressive Knockout Tournaments is the greatest invention for tournament poker in a long, long time.
The format promotes action, which is why it is the PERFECT format for tournament play. It's easier to get called with our biggest
hands and get paid off. Since half the prize pool is tied up in those bounties, good players understand that you have to go after those bounties, you have to chase them... so they're gonna call you down when you shove, but they'll be calling with weaker holdings than normal so if you're the short stack who is shoving and putting your bounty on the line, you might stand a better chance of winning that hand and surviving.
PKO's are so awesome, I struggle to find ANY drawback to them at all... but of course there has to be something negative to balance all the positive aspects, right? Well yeah, there is... the biggest downside is the lower prize pool of course. It is almost unheard of in a regular tournament to make the money on a single buy-in and not turn a profit... but you can easily do such a thing in a PKO if you haven't accumulated very many bounties along the way. The minimum payout in PKO will usually be LESS than the buy-in... so you can cash in a PKO and lose money, go figure. LOL
But other than that, PKO's get a big A+ grade in my book, I love em and given the choice, I won't play any other format unless there are no PKO's running and I'm forced to play a regular freeze-out.
P.S. There is no format that is more profitable than a PKO when you win the tournament. Compared to a regular freezeout tournament, the winner of a PKO will usually far exceed the percentage of the prize pool that they won. If you can enter the FT and knock out every player yourself, if you just steamroll the thing (and it does happen, trust me!), the bounty prize can exceed the first place money itself. It can be a phenomenal payout when you sun-run the thing.