[cowpig]

In my experience, playing deep-stacked the equity gains/losses from variance in all-in situations are only a small portion of overall variance. I've had long sessions where I ran quite badly and lost significantly but the EV calc showed that I had run good in all-in situations.

Take, for example, this hand:
150bb stacks.
I have a maniacal image, and raise 4xbb KK from MP. A very aggressive player 3bets to 12xbb from the button, everyone else folds, I call.

Flop is 25bbs, and comes 268 with a flush draw. I lead pot, and villain raises to 75bbs. I call.

Turn is an offsuit 3. I shove, villain calls.

Villain has 45s, and flopped a double-gutter + flush draw. I lost a stack because he flopped a strong draw, and then hit his most deceptive out.

These kinds of hands situations are the ones that most affect variance in deep-stack poker, and not all-in equity, I think.