How much equity is there in HORSE?

[HelixTrix]

This has been confusing me recently. Let's suppose you are the best player at the table, meaning that you are at least as good as anyone at any one of the games, and you are better than every other player at at least one game. Let's also suppose that it's the type of game you might find at the middle limits at Full Tilt, i.e:

- everyone plays pretty solid at holdem
- mostly solid on 3rd at stud, but some players call down with any pair, chase too loosely, etc.
- other games, always some bad players

So on the face of it we have a game which is 'good' only 60-80% of the time, so you should do better just playing in a good holdem (or other) game.

But how is this offset by the fact that in this game, you actually have an edge over the better players some of the time?

What about relative winrates in the games? According to Malmuth in Poker Essays 2 they are pretty similar for holdem, stud, razz and O8. He doesn't mention S8, which in my experience tends to involve the weakest play in these HORSE games. Any ideas/disagreements? I can't see how it could, but might relative volatility be a factor in evaluating things?

Also what about more nebulous factors. For example the skill to change quickly between mindsets, particularly playing much more aggressively in stud and holdem than in high/low games. Also the tilt factor from nasty suckouts in stud-type games could carry over and cause people to play worse in their preferred games.