BIRM_

many poeple think they know what pot odds are and cant calculate them in most situations. also the majority of players at tournys like the one you described are there for fun and hope they win some cash. Knockout prize money adds more luck to a tourney. guys watch poker on tv and repeat the terms to look like a more experienced player. many times its just the action they are after and "got pot odds" is a justification to call.  the pot odds are to be used in a situation where other information isnt present like tells, players  tendencies etc. when other info is present it can change your odds. also alot of guys calculate pot odds and dont account for the money that will be put in on future streets or betting rounds.

I have found that in most tournaments like this, the phrase "I have to call for pot odds" is synonomous with "I'm not capable of laying down a mediocre hand."  Pot odds are an important part of all poker, both tournaments and cash games.  However, in no-limit hold em, implied odds are often even more important.  Stack sizes and tournament structures should play just as big a part in making a decision as pot odds do.  When playing a draw, pot odds are very important.  If the pot odds don't justify a call then you should fold unless the implied odds justify the call.  The problem with implied odds, especially on flush draws, are difficult to calculate and often overestimated to justify a call.  When facing a decision on the river, "pot odds" aren't really a consideration.  You should be considering your opponents range of hands and how often you are ahead.  Compare this % to your pot equity.  If it is higher, then you should favor a call.  Unless the call significantly impacts your stack and how you will be able to play going forward.

A simple example is, you have second pair with a decent kicker.  There is a flush possibility and a paired board out.  An opponent bets $100 into a $1000 pot.  You are now getting 11:1 on a call.  What hands have you put your opponent on?  Top pair?  Flush? Trips of a full house?  The size of the pot indicates you should call but do you really win this hand 9% of the time?  What if you will only have $400 left and the blinds are $50/$100? 

There are way too many things to consider in a hand (betting on previous streets, player type, etc) than just relying on pot odds.

Your approach sounds reasonable to me.  Usually you want to see a favorable relationship between the pot odds and your odds of winning the hand.  In some instances you can call with any 2 cards due to pot odds but certainly not when your tournament life hangs in the balance.  That is why I don't like knockout tournaments.  Too many people call when they should fold because of the bounty.  I think that is the major factor that lead to so many quick exits.