Well, i used to be very opposed to it, but now i think in most situations it is the best move, though I would be less likely to do it heads up, as my track record is pretty good heads up, and i personally think it just makes less sense. Here is a 4 player chop i made in a $2 tournie on pokerstars
awhile back (i know it's crazy dorkus, for such a small buy in, but i didn't suggest it, and everyone wanted to do it, so i went along):
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Shingleman #1 $ 351.14 $ 230.69
sirbin2000 #2 $ 221.09 $ 186.49
nateofdeath #3 $ 136.99 $ 214.12
Silvermama #4 $ 100.58 $ 178.50
I was 2nd in chips at the time we made the deal, and we were offered the 'New Payout' based on our chip possition at the time. So, as you can see, by making the deal, myself and the chip leader were guarenteed about a 2nd place pay out, which was over twice as much as we would have gotten for finishing in 4th place. The guys in 3rd and 4th also got themselves better then 3rd place money for making the chop. Personally i think this deal was good for all of us, better for some perhaps, but still a smart move for all. We all gave up the possibility of the slightly bigger payout to guarentee ourselves a comfortable one. btw, I know the guy who won was also the chip leader at the time we made the deal, so one might think it wasn't such a good move for him, but our actual order of finish was ultimatly meaningless considering how many hands we sat out waiting for the administrator, and how pointless the play at the end of the tournament was considering all we were playing for was tournament leader board points. Who knows how we would have finished up had we not done the chop.
So personally, i'm usually not going to bring it up, but in many situations i really think it's the smartest move to make. If you can, let the support staff suggest a deal for you and go from there. But base your decision on how profitable the deal will be for you, and how well you'd need to do to win more.