From the maths point of view you consider all the permutations of holes cards, flop (not every flop,- there are about ten types of flop), and table (really there's only about four distinct type of players).
When you go through the permutations you need about 100k hands before you can see if your playing low pp an AT correctly. You can make money out of these but they are small +EV.
Actually the same applies to tournaments. You might argue a bit about the the number of people on a table but you need the same number of hands to fully sample all the permutations.
It is too easy to win a Tournament by getting AA or KK a couple of times and winning the odd coin flip. With 100 ppl you only have to win 4 all ins to get to top table. If there are 200 ppl then you only need to win 5.
If you consider that in an average tournament you will play 100 hands (including early bust outs and going all the way) then you need to play 500 tournaments before you know if you're a winner.
Tournaments have very high variance. The sites love them because anyone can win -good players will generally do better than bad players - simply because they are more willing to hit the all-in button on marginal calls.
It's got to be said as well that most tournament structures on the net do not allow a good player to 'get hold' of a table as they can in ring. It takes 20-30 hands to start to 'work' a table in ring. Tournament players don't do this simply because in a MTT you will change table too often.
Invariably this is why 'tournament' players get killed in ring (and why many pros make thier money in ring).
Tournaments are very exciting and whenever I feel like I need a break from poker... I will play one...
