[schubes]

[ QUOTE ]
If the blinds defend tenaciously or the button
cold calls with hands like shorts, cathops or draws, you
should punish them with a raise. On the other hand, if your
opponents are quite reasonable and won't often play back
with hands like medium 2-pairs, it is much better to just
limp even though it looks suspicious. Besides, there are
some hands that do seem to play better by limping than
either folding or raising (but I won't say but perhaps you
can think of them!).


[/ QUOTE ]

I really think you're approaching the game wrong on this point. If it's not "reasonable" for someone to 3-bet you with a medium 2 pair when you raise from CO you are playing way too tightly - getting 3-bet by a big pair isn't unusual for me. If you are not playing too tightly, and are not dealing with a strange sort of clueless loose players who turn weak-tight after a raise, I am quite certain raising is more +EV than open limping with this hand (and almost every playable hand).

[ QUOTE ]
Although drawing one to AAKQ maximizes your chances of
holding the best hand after the draw, I did a little bit of
homework to see if that would translate to a better EV since
the postdraw action is also important. My conclusion was
that drawing one to AAKQ was a tiny bit better from an EV
calculation than drawing three against the typical tough
opponent.


[/ QUOTE ]

I'm not sure if I agree with this one either. Let's say SB has AAxxx. Drawing one gives you 6/45 = 13.3% to improve, but drawing two gives you 3/45+42/45*6/44 = 19.4%. The percentages would be even more in the favor of drawing two if SB sometimes has KKxxx, because of the possibility of making trips. However, it's true that by drawing two you give SB an extra chance to draw a better AAK while you don't improve, and drawing one gives you an edge in those situations where you both make aces up. But if these small factors really do swing the percentages to drawing one's side, it can't be by much.

So the real test is play after the draw. Again your "typical tough opponent" may be different from mine, but when my opponent checks to me after the draw, they almost never have aces up, and they can't have trips unless they started with KK. If I now bet my unimproved AAK, my tough opponent will call me with AA the majority of the time (think about this, this is really the perfect situation for value betting a pair). Had I drawn 1, I can no longer value bet unimproved, because I am less likely to get called by AA, and it's more likely SB is checking aces up.