I played a few of these when I first went to FTP, all small ones. Won a couple and ITM in a couple of more and basically up decent on ROI. However, the big win came when I won a seat on a $5.50 one in a $1.10 Satty and binked it (screen shots below).
The thing with these is yes, it's a flip to get past 1st round, but it's the same for every other player in there. Once you do get past the "flip" part, play is pretty soft, and with the now deep stack format, a nice combination of skill and patience you're going to get paid off good quite often. (Loafes is right BTW, you're ITM once you're past 1st round.) I will say that I can see variance being a beeotch in these
So basically, to each their own. If you don't like 'em, don't play 'em, simple as that.
If anyone wants to know why I haven't played more since that, it's because I just don't like the FTP interface. The graphics drive me insane (don't know why) and play IS TOOOOOOOOOOOOOO SLOWWWWWWWWWWWWWWW