This is my latest theory on how to win at this game: Keeping your play balanced with regard to the table.
I've been having a lot of trouble doing this, and the results haven't been good.
Basically, if you have a table where 7 players are seeing the flop, then you probably want to stick with nut-peddling, also mixing in bets on very strong draws, but keeping bluffy plays to a minimum. Hands like underfulls, etc. become more or less bluffs (depending a little on quality) when the table is playing like this.
I don't think it's a bad idea to play significantly tighter PF under these circumstances. In any case, you have to look at your hand for true "nut" potential despite the great pot odds you're getting.
On the other hand, if only 1 or 2 players are seeing the flop (I run into these phases frequently at the $200 tables), then keeping almost any 4 in LP becomes much more viable. You can start betting with nothing (or very thin hands) as long as you don't overdo it. Here, I think the trick is doing this just enough to buy a few very small pots, but the main purpose is to raise doubts concerning bluffiness when you do get a big hand.
What usually happens, however, is that after this kind of tight phase, the table turns back around, and it's EXTREMELY important to adjust immediately (that's been my biggest problem).
Trickier are these tables with about 4 players seeing the flop. That's where you have to stay very much in tune with the action, keeping careful track of the players. You need to know who's inclined to check-call or check-raise monsters. Another very important read imo is the significance of small bets. Some players like to make them on big hands, but in most cases it's usually a sign of weakness. Also, who's going to call you down with a questionable hand (what one might call the Omaha calling station) and/or chase too hard. Obviously, against such players you obviously only want to be betting very strong hands.
I guess one other thing: Against LAGs I think it's particularly important to have a healthy mix of bets on draws and made hands. If they can always squarely put you on a made hand when you bet, it leads to big trouble because the nuts on the flop are more often than not not the nuts on the river.
Anyhow, if the table is fairly "balanced" in this way (neither overly loose nor overly tight), then it's important to stay balanced yourself. You can bet semi-strong hands, or even just decent ones (like sometimes TP) in LP, but you have to be very careful.
So, I guess that's my self-reminder for today...