Great post, although one thing to think about for play money.

If you need to hit a runner runner inside straight flush draw to win the pot,

eg. AKs vs 37s

with a board of:
5s 10s Qs

You have say (made up) a 1% chance of winning the hand.
However, your EV is still infinitely positive!
Why? Lets try playing it out 100 times.

The 99 times you lose the hand you will laugh, be able to show your cards, then rebuy for a cost of ZERO.

The 1 time you actually hit you get a player on major tilt (if he was taking it seriously), and a great laugh for the whole table. You also get a great great beat story, which you can tell for years to come, mumbling "if only it had been real money", and at best you will increase your confidence and love of the game.

I know this seems fairly irrelevant when you push up the stakes, but when you put it in context it is actually accurate. This is the attitude of a lot of play money players including myself when I play there. If the river isnt out, Im not folding.