I took my first hand of the Cake Challenge almost 24 hours ago. Since then I've played one SnG and about 220 hands of cash game spanning five sessions. Observations so far from an admittedly relatively small sample:
* People are serious (enough) at micro-stakes. I've seen some loose play but not substantially different from other higher stakes.
* I've had AA versus AK in three huge hands so far.
* As pointed out by Ryan and Marsh, there is basically zero folding once someone puts substantial money into the pot. This often reduces the game down to card catching/flop catching exercises.
* I'm still getting a feel for how to play in this environment. Calling off a shove from a loose player when I had AKos was apparently a mistake. The huge shove with premium pairs (and sometimes AK) is a recurring theme. I am looking forward to getting comfortable with these tables so that I can start grinding away.
* Despite the stakes, I am playing for my life here. Every cent is critical at this juncture and I was really bummed to have my AA cracked in my first session. I have had bankroll sugar once in the middle of my first session and that has been it. My high water mark is being up six cents. I am way more concerned about dodging a four cent big blind than I ever have been about any other blinds even at a 1/2 table.
* I am really glad that I am strictly keeping to the 5% rule, even to the extreme that I'm buying in for $2.36. Limiting my exposure has prevented me from dinging my roll. Yes, I know that's what bankroll management is all about but starting out and at these stakes it is all too easy to exceed the 5% and start the snowball of chasing losses.
* Cannot wait until I have a bigger roll so that I start multi-tabling. Staring at one table is trying at times especially when I am card dead. But I just check my hand against "the list" and fold accordingly.
That's it for now. Thanks all for helping me get started on my Cake Challenge.