Let's analyze the best multi-way Omaha Hi/Low hand there is, A234. We will leave it a rainbow hand for now. Although I am using A234 here, many of the low flops, A235, A245 and even A278 can play similiarly depending on the flop. Although you want a multi-way pot, I advocate raising most times to eliminate hands like 3456, 2456, 2356, 5678 and other hands where you might only be facing 1/2 a pot if you win. The worst thing here is getting a 2345 flop only to get tied for the low with one person while the big blind gets all the high. Eliminate those marginal hands by raising.
You are a 60-40 dog preflop. With this type of hand, you are wanting low cards to make a wrap, anything but these type of cards and you are going to have to fold to a bet.
65-35 favorite (this is the type of flop you want, you are only a 46-54 dog, if your opponent has A288 here)
48-52 dog (worth seeing the turn, unless your opponent shoves all-in with a big stack. If your opponent has A2KK, you are at worst a 40-60 dog here. If he fills in the gaps with the A246 which appears to be very strong, actually makes you a 62-38 favorite, solely on the basis of you having a pair) * A flush draw against you here makes you 45-55, so be careful. One card and the hand could be over for you. A flush draw always adds or reduces your hand significantly, so err on the side of caution with these flops.
The key to this flop is if you believe your opponent has an A2 also. Close to 50-50 on this flop, if he has an A3 instead, you are a 2-1 favorite, an A378, still leaves you a 54-46 favorite. That A2 is critical here. Either you are looking at being quartered or you are ahead. Look for a large bet by a tight player as a sign to get out quickly. The last thing you want is 1/2 of your whole stack back.
Get the hell out of dodge, you are cooked. 24-76 here, any pair by your opponent and it only gets worse.
This is almost always an excellent situation. Nut low and any 2 pair is a great hand. 65-35 favorite here. Get it all-in if you can.
These are just some of the situations that you might be facing with your A234 type hands. All of these hands are based on the fact that your opponent has an A2 also. The nut low draw is VERY important to all hi/lo hands. If you substitute an A3, A4 or A5 into your opponent's hand instead of an A2, your percentages go way up. I hope I have shed a little light on the A2 type hands. I see a lot of people chasing with flop #4. And when that happens, "Donk me up Scotty, it's a scoopin' time."
Until later, get some rest and I'll see you on Full Tilt or Pokerstars. And for the love of god, send me some mail at firstname.lastname@example.org