There's a bit of a flaw in your argument Gregor - making 3rd doesn't net you $3.60 - but rather $9 (on Pokerstars) or $10 (on most other sites).

Yes, it would be a NET increase of $3.50 or $4 from where you started before you registered, but once you've paid the fee - you are looking at trying to recoop what you've paid AND make money besides.

By folding here preflop, you set yourself up to not only make the money but also then you can work on getting 1st. If you don't concentrate on making the money, you will find yourself in a less-profitable situation because there are situations (like the one presented here) where you could probably coast in with little risk and possibly make it higher, but instead you get knocked out with nothing to show for it.

/d