The puts have the dividend priced in so when the stock falls by the dividend amount after xdiv the puts will not go up in value. You're not really doing any dividend capture with those plays. As I said dividend capture is really about trying to get into the pool of OI which inefficiently does not get exercised.
x- You say that the puts have the dividend priced in? Then help me understand because I really want to get this: Look at BCS. Closed at $24.30 on 8/19/08 on day BEFORE ex-div. That same day - I could have Shorted the Sept 08 $20 Call ($3.90 Bid). Then I could have gone Long the Sept 08 $25 Put ($2.80 Ask). This would give me a premium of $1.10. Assume I have the stock for the $24.30. The dividend on this stock is $0.89. To exercise the call at $20 would mean the exercisor is looking for a price to be at or above $23.90. Which it is - a gain of $0.40. As well they would pick up the $0.89 if exercised day before ex-div. But on ex-div they lose that same dividend amount based on the adjustment. So is it worth it to exercise the option for the $0.40/share gain? How many people/market makers would actually buy the call option at a premium of $4.30? instead of $3.90 on this same day? (Which makes it exactly equal to the stock value.)
Can you give any examples? It would seem even if you go deeper in the money on the calls that you would collect a bid premium that would make it worthwhile to the exercisor to actually exercise. Then you would be OUT money if you got exercised!