Whoa, I guess that intuitive comparison in the K77 example isn't so intuitive after all. When I do the math on that, it says KK wins twice as much if he runs it twice instead of once! But in situations where the underdog has more outs, running it multiple times seems to hurt rather than help him (because he burns up outs when he hits twice in the same deal?).

I'll report back when I've worked out more examples and double-checked the math. Maybe I'm just stoned and unable to multiply correctly.