Party Poker started running what they call single and double table "Step Tournaments" some time ago and recently added a new flavor called "Step Higher" which has a higher initial buy in games ($33+3).
All three types of the step tournaments (Step Higher, Original Steps and Mini Steps) have five levels. You can start at the bottom level or buy into any of the higher levels directly if you want. You progress to the next Step by placing high in your current step (For Step Higher you must win the single table to progress to the next Step, but on Original Steps which is a double table tournament structure the top four players move to the next step). The next few places are granted a freeroll to "do over" the current step, the next few places after that are either awarded a small cash prize or a freeroll to the previous step. In all cases the main cash prizes are awarded at the Level 5 Step (and unlike the previous steps there are no "do over" prizes awarded at this level).
The Step Prize breakdown at Level 5 is as follows:
Step Higher: 1st-$100,000 2nd-$30,000 3rd-$20,000
Original Steps: 1st-$9,000 2nd-$5,000 3rd-$3,600 4th-$2,400
Mini Steps: 1st-$2,000 2nd-$1,000 3rd-$500 4th-$300 5th-$200
Buy ins for the first level are Step Higher - $33+$3, Original Steps - $11+1, Mini Steps - $5+1, so even for the much more difficult "Step Higher" version (more difficult because you must win to progress to the next level) you can take a chance at $100,000 for only $33+$3. In general if you are a solid single/double table tournament player you can get a lot of play out of your initial buy in.
I wanted to mention all that factual stuff for those who are interested in trying this tournament structure and who might not be aware of it. More information on these steps tournaments can be found at http://www.partypoker.com/news/events/steps-challenge-04.html
Right now I am working on the "Step Higher" tournaments and am on Level 2 (My first SnG at level two left me at 4th place which was a rebuy to play Level 2 again). I'll keep this blog updated with my progress through the "Step Higher" steps, but it could be some time before I reach level 5 :)
I do have a few tips for those of you who are interested in playing these tournaments (or really for anyone who plays sit and go tournaments)...
1. Play very very tight in the beginning rounds. Many people, especially at Party Poker, take incredible risks when the blinds are only $15. You can often guarantee yourself a step replay simply but not playing during the first couple blind increases and letting the other players eat each other.
2. Play looser at the end. Once you have a rebuy locked up it's time to take some chances and gamble a little. Now that the blinds are very high you should be willing to gamble a little and apply more pressure to the blinds. This doesn't mean throwing your money away on horrible bluffs but it does mean being willing to put all your chips at risk when you believe you have the best of it.
3. Avoid tilt after a bad hand. One very common thing in single table play is that after a losing hand many players will throw all their remaining chips into the pot with almost no value. Don't do this. You have a chance to win with a chip and a (virtual) chair, so make the most of it and sit out a hand or two if you have to to avoid throwing your money away after a beat.
