Updated info
Wow..didn't relaize there was going to be such a heated discussion about "cap".
The game we'll play has blinds of .25/.50 and a cap of $30 for the first 3 hours of play and then the cap goes up to $40. Planned start time is 7 pm so the cap should go up at 10 pm. The cap is the most that can be bet by any one player during the course of a hand. So if a player bets $3 preflop, $5 on the flop, $10 on the turn. If it's before 10 pm the max left to bet on the river is $12.
Playing with a cap was the idea of one player. I tried to set the cap fairly high - (60 and then 80 big blinds. Full Tilt uses a ridiculously low 15 big blinds). I also told this player he needs to monitor the bets (he wanted the cap he can keep track.) I'll probably cut out the max from my stack so I also know what I have left to bet when I'm in a hand.
Somebody mentioned players sitting on their stacks. I've heard the opposite happens but we'll see. Having a max buyin also protects the big stacks, (Say 100 bb is max buy in....If you double up then the most players can rebuy for is half your stack. But as the night does on others will also get large stacks and going up against them you risk a lot. With the cap you can have a large stack and not fear getting into it with another large stack.
I'm still of the opinion that there is no need for a max buy in amount. Having players with say , 2-3x the cap, then they always have the max for you to win. So let them buy in for $100, $200 whatever.
Game is this Friday. I'll update after about how it goes.
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