For ex: You catch a nut flush draw on the flop (unpaired board). In a three-player or headup pot, it gets checked to the button who prices you out with a 1/2 to 2/3 pot bet (assume other players fold, and no implied odds with 3rd suit). Do you ever check-raise here?
Basically, is semi-bluffing only profitable in position? Also, is it profitible to semibluff (in position) at microstakes?