When does EV apply? When does it not?

[RobTheCrook]

I was thinking about this the other day when I saw Hevad Khan's post-bust interview with Pokernews or maybe Pokerwire I'm not sure.

For a large volume SNG player like myself, EV is obviously a huge factor in my game. I'm always trying to exploit small edges.

Anyway, Khan claims that the move he made that led to him busting was +EV and will make him money in the long run. However, EV is the profit you expect to make in the long run if you were able to make a play over and over again. Since his chances of making the WSOPME FT again are slim to none, can you ever factor EV into your decision if you're him?

***Situation summed up***
You will never be at a final table again where the payouts are this massive and the jumps between them are this wide. You have a decent chipstack in front of you with a good enough M to play patient. Do you still try to exploit small edges? Or do you avoid taking any big risks?

Thoughts?