Quote from Maverick74:
And gamma is very hard to value in my opinion. I think gamma is best for guys that have a directional edge. You get the best of both worlds. Huge gearing and risk control, neither which you get with trading the underlying.
This is actually exactly the way I have been using weeklies. Just saw this thread and was going to post something similar, but I see you have already covered it.
I have only been trading the weeklies for a short time, but I am never short them. Always either long or spread. Maybe there are some good short strategies that I just haven't come across yet.