In Holdem we don’t get much extra info. The betting attempts to define hands. In games that play to a high and low, we get better information.
In Stud 8 or better, you want to play low hands that have some co-ordination to try to win both sides. The same goes for Omaha High-Low. Great O8 hands are things like AA23 double suited to the aces. Or something along those lines. When you see an early raiser and a couple of cold calls, you can assume that a lot of the prime low cards are already dealt and the A’s are pretty well used up. So, that high suited or coordinated middle you’d fold early will become playable. You’ve got decent odds that the community cards will run toward the high side and there won’t be a low. From late position, you can gamble a bit more on the flop with that high side hand.
With early position, marginal hands without the A’s are usually a sucker play. You want to own position to even consider a hand that needs certain cards to make a hand. With no information just calling with something like 2346 is dangerous. Hands like that are for limped pots from late position where the betting and flop determine your play for you.
When I play HORSE, I see a lot of those kinds of hands played. And, they can win a pot. Many HORSE players are on a lark. They may know a couple of the games but don’t understand the game and limp a lot of marginal hands. Almost good hands that lack coordination or have what T.J. Cloutier calls a dangler