We were at a game the other night and a couple of us were talking about tournament strategy. It started because people were joking about another guys cash game play, which I responded to, saying that the guys style works well for tournaments. Being super-tight players, they totally disagreed with me. A couple of these guys do "very well" in tournaments - they tend to just miss the final table or make and sneak into the money. I chuckled, because I don't think this makes you a good player. In my opinion, it is all about making money. If you play a lot of tournaments, you want to maximize your time and make as much money as you can. Aside from the entertainment aspect, if you can make more money playing cash games, then you shouldn't bother with tournaments. Larger cash games are more common than larger tournaments and in my opinion, offer a better way to make money.
I personally don't play many tournaments. I don't like being tied to the PC for hours and there just aren't that many live tournaments in San Antonio that are large enough for me to want to play. I used to be one of those super-tight tournament players, who like the guys above, generally ended up around the money cut off line. I have changed my style, for better or worse, and I either accumulate chips and play very aggressive or I get sent home early. I place in fewer tournaments than I used to, but when I do place, I get 1st or 2nd. In my tournament, I came in first (we actually chopped) twice in a row. I haven't made a final table in 3 or 4 tournaments since though. I have played semi-regularly in another larger tournament and it is the same thing. I don't make the final table, but when I do (it was the largest one they had), I won.
I am not advocating playing like a maniac, just that I think it is most profitable to play to win, Most of the prize money is in the top 2 or 3 spots, so you want to shoot for those, rather than patting yourself on the back because you ended up within a spot or two of the money cut off line. My favorite "you are a dumb ass" line is when someone, usually a super-tight player, brags about how well they played, but just missed the money. I feel like slapping them and saying that is the WORST place. You are better off getting kicked out on the first hand and then waiting around for the inevitable cash game, which are generally filled with the truly bad players who also got knocked out early.
Most of us don't have infinite time to play cards, so you want to maximize the amount of money you can win per hour.