Stud Hi/Lo is a split pot game similar in some ways to Omaha Hi/Lo. Half the pot goes to the winning hand and half the pot goes to the lowest hand. The key thing to remember is that to qualify for a low hand you must have five unique (different cards) from A-8. The game is played in exactly the same way as 7 Card Stud with all players having three down cards and four up cards if they play the hand to its conclusion. The game is also mostly played with a limit structure and doesn't lend itself as well to Pot Limit as other stud games.
It is a great action game as you'll often find that many players during a round have something to play for. The other unique thing about the game is that you get players who appear to be chasing a low or a high hand when in reality they are chasing the other. Sometimes you start out chasing a low and end up getting a high. There are just so many variables to the game, which is why so many players keep coming back for more.
Like all stud games you need to keep track of what cards have come out. If you are looking for one card and three of them have already come out then you are wasting your time staying in the pot. Keep them guessing in this game and try to be selective when playing your starting hands. It's very easy to play every hand in this game so you need to have some discipline.
This is one of the best games to play with a group of mates over a couple of beers. It certainly helps if you have reasonable poker knowledge as the game is not the easiest to master, but it's the sort of game you will still be playing at 9am the next morning.