I run a low-stakes NL game at the office. Blinds are .10/.20 and most of us buy in for $20, one guy buys in for $10. If he goes broke he calls it a night. I get the feeling he doesn't want to lose $20 playing poker, that's not really worth it to him. One night a new guy joined us, played too many hands and dropped $30.
It's all about having a game and hanging out and discussing hands and whatever else.
I mean do whatever works for you, but I can tell you that I've taken it down pre-flop with a raise to .50 and that bluffing still exists. I'm still playing the same game, which is trying to play good poker and make the right decisions and so forth. If you're calling with trash because it's only .50 but you'd fold if we were playing $10/$20 instead, well, good luck. The stakes don't really change optimal play, right?