My opinion that it is, here's my basic strategy:
-limp with AA, KK, QQ, JJ, TT, 99, 88, 77, 66, 55
(when no callers before you and in early to middle position)
*Raise with AA, KK, QQ in middle position if you're likely to be called, always raise in late position, unless you're on button with AA, KK, then decided between limping, raise minimum, normal raise, extra large raise*
-limp with AK, AQ, AJ, AT, KQ, KJ, KT, QJ, QT, JT (suited/offsuit)
Treat AK/AQ same as AA/KK in late position
-limp with A9s, A8s, A7s, A6s, A5s, A4s, A3s, A2s
(I suggest never raising with these hands, even in late position with no1 opening the pot, why bet when you're most likely a 55-45 or 60-40 favorite? Let the sb call a half bet, let the BB flop an awful 2 pair, hit your flush, 2 pair, or trips A kicker
-when i'm raised after limping with AA or KK, or AK, i check raise
-when i'm raised after limping with QQ, JJ, TT i normally flat call
-when i'm raised after limping with 99, 88, 77, 66, 55 i either call/fold (depending on pot odds, position, table feel etc)
-when i'm raised after limping with AQs, AJs, ATs i normally flat call, same usually goes for AQ unless it's a rock
-I use my discretion with A-X suited, but normall call a tiny raise, or fold to a decent one unless it's still a multi-way pot after the raise and i do not suspect another reraise, or i'm last to act after the raise.
-As for AJ, AT, KQ, KJ, KT, QJ, QT, JT my default move is to fold, the plan was to see a cheap flop and hit the nut straight. If i'm in position against 1-2 players I will normally bet with my gut-shot draw after check/check. Against 3+ opponents, i'll always check.
-44, 33, 22 are playable, but you lose nothing from leaving them out, in looser games i'd always play them and never fear set over set UNLESS it's a nothing pot (if its all limpers, then on the flop there's crazy action, normally you play along with it, but with good players, you may fold (rare but happens)
*i'm reminded of doyle brunson's super system when he discusses over-investing in a "Nothing" Pot
-In an extra lose game I'll limp with more suited connectors. I love to limp with pretty much any suited connector on the button, and on the cutoff if the button isn't an aggressive player.
-I normally do not steal the blinds, the only time I consider it a good move is with a decent drawing hand with absolutely no limpers/bettors before you and you expect to be heads up vs the BB or SB, or both. (Getting money in the pot with good, but not strong hands in position vs calling station blinds is usually never a bad idea)
This strategy is basically tight-passive, and at lower limit, i'd argue that is the most PROFITABLE way to play. I'm speaking of micro-limits, $0.25-0.50 cents down to 1/2 cent
Also a noteable part of my strategy. I will play 54s, 53s, 52s, 43s, 42s, 32s and their non-suited counter parts with many limpers, especially in position. People look at starting hands the wrong way, ie - which is most likely to win the pot. My theory is to pick hands that when they win, they win a NICE pot.
Flop comes A 2 4
your opponent with AK/AQ/AJ/AT/A4s/A2s thinks "wow what a great flop"
with 53, you've got the nuts and a huge pot is coming your way, also there's no thinking to playing this hands, you either hit, flop a draw (gutshot mainly), or just let it go for the minimum (calling the BB)
I've never heard or read about people showing the same respect for these hands, i think they deserve some credit similar to KJ, KT, QJ, QT, JT unsuited.
Also if i choose to limp with A2 and the flop hits 345 on an unraised flop, i play cautiously, no reason to lose a big pot to 76s, or 65s with top pair/open ended draw (only 2 to 1 favorite)