Is the hit and run strategy considered bad etiquette?

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Yes, its totally fine. Don't stress about it. As someone else said, its really not a big deal online, especially if someone else is ready to take the seat.

This does tilt some folks, however. I sat down at a table once, played 4 hands and left after winning a decent amount, because I realized that my heads-up opponent was better than me. He followed me to another table and starting ranting in observer chat. The funny thing is that there was an open seat at the new table, but I guess he just wanted to play heads-up.

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I have never played a live cash game, only small MTT. I play everything online: cash, SNG, MTT (but no heads-up table yet).

However, especially online at home with all of the possible non-poker distractions, there are a whole bunch of reasons you might abruptly leave your game:

You're tired, and your bed is there, empty and inviting.
American Idol is on in 5 minutes.
Your kids just got home from school.
Your cat just threw up on the carpet.
You check your caller ID and it's that hot girl you met Friday night.

You get the idea. Sometimes you just have to go, it's that simple. But I agree with the posts about when you shouldn't leave, whether it's live or online.

Leave when you're tired, when you've been drinking, when a pro takes the seat to your left, or when there are too many good players at the table.

Stay when the other players are tired, when the other guy is drinking, and when you're one of the best players at the table.

Whether you've won or lost a hand, or a lot of hands, has very little to do with it.