To reinforce what TP and Chip said, I'll paraphrase the advice I(and a few others) got a few years ago from Greg Raymer on 2+2 about rebuys. If you aren't prepared or willing to take every rebuy and add-on to which you're entitled, don't play.
The 7x figure is a solid rule of thumb, though I consider 5x to be my average. The key here is to understand the texture of your table. At a wild table full of rebuy maniacs and little fold equity, you can get away with playing fairly tight as long as you're willing to also take advantage of all +EV pot odds situations (like preflop it's obvious you'll get more than 3:1 for all your chips so you can call with something like 97s).
On the other hand, if you're at a tight table, where it looks like fold equity is relatively normal, *you* have to become the rebuy maniac.
I've lately been having a ball at the 'Stars Turbo rebuy satellites to the WSOP double shootouts. I probably won't play a shootout, because my work schedule would make going to Vegas next month tough, but I figure if I can bank enough W$, I can use them for the WCOOP.
Anyhow, the turbo rebuys are enjoyable, because they're wild early and super-tight late, so if you can get to where there's about 2.5x players/seats left you can cruise to the seat by stealing intelligently.
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