This is a good post and a concept that I think has been lost in recent times only to be replaced by a "play tight as hell early on then aggressive as hell later on" strategy advocated by many. While that probably IS a winning strategy, it's far from optimal. If you take a few opportunities early on to gain a some extra chips (whether it be limping with SCs in LP or calling small raises with PPs, or even stealing a pot when you sense and believe someone to be weak), then not does this only increase your current chipstack but it also allows for you to make more plays in the future, more +EV decisions, and therefore increases your overall EV (both chipEV and $EV) by more than it would seem. If you limp and miss the flop/fold, you'll be a shortstack later on, but not that much shorter than you would've been had you folded the hand preflop. By the time you're short your options are very very limited anyway and the extent of your shortness is not as large a factor/problem as is the fact that you're short.

Excellent post. Early on I always take small risks with every pocket pair (calling up to 3x BB raises). The implied odds are simply too much to pass up early on - so many horrible players who will overplay MiddlePr, TPTK, overcards, overpair, etc. I also limp in LP with SCs and AXs, and I complete SB with them as well.