I think the bubble is key here. The extra chips won with the double ups greatly increases your advantage IMO. Especially if you are a much better player than the others at your table. People will be playing scared while trying to make the money. The big stacks can be used efficiently. The skill variable is important in how it affects the observations. Could the expectation more than double with a losing player? However, with more chips he could becomes reckless and take more risks.

There is also the point that you get moved to another table. Perhaps two people split a big pot while busting the third guy. These two guys have 1.5x the starting stack, and your advantage is affected.

I tend to shy away from the math problems since I almost always bring skill levels, etc. to the topic. Case in point.