Limit tournaments take better hands to win as the fear and pressure of all-in bets is removed until very late in the tournament. It is much harder to pull off a bluff in limit games, as the size of the bet can be less than intimidating. In a No Limit tournament most of this is not the case. Size of bets is limited by how much courage the player has and the amount of their present stack. Bluffs can be pulled off as the bet size can determine if the other player will call.
Online a player will see far more No Limit tournaments for two basic reasons. The No Limit tournaments are played to conclusion faster and they are more popular with the players. The house likes them too as they get to the next tournament quicker or get the players in the cash games sooner and therefore get better participation in the other games. Limit tournaments will see more players taking a shot at the pot before the Flop, as they will not need to call a big bet to see the Flop. This makes a large pair more venerable to being cracked by a pair of eights and threes. The player would have discarded the hand if a large bet was in place and needed to be called. Be prepared to see some very strange winning hands in a limit tournament.
Because the game level limits the betting size, the player with a large pair cannot easily protect the hand by making a sizeable bet. Small bets are easily called and when lost are not the end of the tournament for that player. This factor has a direct effect on the starting hands and the hands that players will call with. In the early stages of a limit tournament a player will see all manner of starting hands played. This is done for two reasons, the betting is small and the player hopes to hit some Flops and build up the chip stack for later in the tournament. Large chip stacks at the later stages of the tournament are very important as the player with a large stack can take more risk and apply more pressure. Bullying pots is one way to win tournaments. Also due to the fact that the large stack player can afford to lose a hand, they can also make calls that depend on getting lucky on the draw when they have a good drawing hand.
Limit tournament play is a good place to learn to play Holdem tournaments and develop the skill needed to play in bigger tournaments and No Limit tournaments.
When a player begins to win in these tournaments, the move to more advanced play is warranted and should be considered. If a player wants to try some of the big TV tournaments, they should try to get into the tournament by winning a satellite at a fraction of the cost of any major TV tournament.