I'm not sure if many of you play in the play money NL tournaments, but I have a budget to stick to so I may play several tourneys just to keep from getting rusty at the game.
I played in six different tournaments, at different times, this past weekend and bombed out in 5 of those 6.
A good place to play "with play money only" is at Full Tilt. The last I had heard was that they drop their money players if they don't make deposits in a certain time frame, so I play in their play money tourneys. Actually I haven't made a real money deposit since Neteller pulled out of the U.S anyway, so I like playing for free all the same.
Back to the 6 games; I play in the 250 play money buy-in tourneys with 90 players. I figure that 25% or more of the players in these games are there just to play by going all-in and bluffing to buy the pots. So one may think these games are easy, but they may in fact be harder to play with such a variety of loose players than in real money tournaments. Many of these players are there just to win by playing big with any Ace they have in their hands.
The short-story version; it's a crap shoot until you are down to around the last 30 players.
I lucked out in my second game where I spent nearly two hours before taking first place.

Yay me!
The 3rd, 4th and 5th games I made it somewhere in the top 40 and the last game I had made it to 27th place. How I got myself taken out in these games; I would have one or two high pair on the flop and call an all-in, just for the lucky players to take me out on the river with a strait or flush.
That river card is the burn-out card if you ask me. I've lost about 70% of my games to the river card.
Bottom line; play money games are a crap shoot. But it is still fun at times and does somewhat help a player to learn patients in poker playing.