Players like Phil Hellmuth use strategy #1.
Players like Daniel Negreanu invariable end up using strategy #2.
I'm not a tournament player, but if I try I can do very well in tournaments (I get impatient sometimes, which is my downfall in those things). I've used both strategies and have experienced limited success with both, albiet a small sample size.
Like JD says, you have to adapt to your table and the tournament that you're playing, but I usually find that if I'm at a table full of weak players, it's best to see a lot of cheap flops and crack someone who wont fold top pair; play it more like a cash game, minus the aggression unless you have a big hand.
I think the first strategy fails to exploit the weakness of some of the horrible players, but both are viable obviously.
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