4-Flush from button, one late bet.

[jlpadge21]

Party Poker 0.5/1 Hold'em (10 handed) converter (http://www.selachian.com/tools/bisonconverter/hhconverter.cgi)

Preflop: Hero is Button with 6/images/graemlins/diamond.gif, A/images/graemlins/diamond.gif.
UTG calls, <font color="666666">1 fold</font>, UTG+2 calls, <font color="666666">3 folds</font>, CO calls, Hero calls, <font color="666666">1 fold</font>, BB checks.

Flop: (5.50 SB) J/images/graemlins/diamond.gif, 2/images/graemlins/heart.gif, 8/images/graemlins/diamond.gif <font color="blue">(5 players)</font>
BB checks, UTG checks, UTG+2 checks, <font color="CC3333">CO bets</font>, <font color="CC3333">Hero raises</font>, BB calls, UTG folds, UTG+2 folds, <font color="CC3333">CO 3-bets</font>, Hero calls, BB calls.

This seems like a marginal situation between raising and calling, hoping I'll get 1+ caller to my raise, or 2-3 callers on a call. There is little chance of a check-raise from the early checkers, so I didn't factor a call-reraise into the equation.

[fairness]

just call, try and get others to come along for the ride. you have the nut flush draw, if you make it, you want some opponents around to pay you off.

[tiltaholic]

Yes, I'd call the flop to get as many people in. However, with reads on your opponents such that you know they have no problem calling two cold, the raise is not very bad.

As it played out, I'd cap the flop, since BB will likely call it now.