baiter comments on Verifying Rationality via RationalPoker.com - Less Wrong
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Sure, there are good poker psychology issues. I'm in agreement on that.
But you can be a very fine rationalist without being good at cards, and vice versa. (I consider myself a fine rationalist, and I am very good at both poker and bridge; over the last 100 hours I've played poker (the last three years; I don't play online because it's illegal) I'm up about $60 an hour, though that's likely unsustainable over the long haul. ($40 an hour is surely sustainable.)
But you can be nutty and be great at cards. And if your skill set isn't this - and you're not willing to commit to some real time at getting good - you're going to get crushed. The idea that simple rationalism is going to lead to big wins is just wrong. You need the math and (less, I think) reading the opponents. You also need to develop the skill of being hard to read.
--JRM
AFAIK playing online poker is NOT illegal in any state except Washington. What is illegal is for US financial institutions to conduct transactions with online gaming companies.
For a review see: http://en.wikipedia.org/wiki/Online_poker#Legality