[Wintermute]

Xorbie & Buzz,

This play looks optimal to me. With an AA that's as strong as this one, it's correct IMO to raise from the SB (because you have low possibility and two suits). In this case, you would ideally like to get all in against one or perhaps two other stacks before the flop. Getting reraised is either a mistake by your opponent, or you both have AAxx's, which is also OK.
Buzz, the reason why I don't like to call here to save chips for later streets is that you *know* you have the advantage here, and you must give your opponents the opoprtunity to make the mistake of calling (or better yet, reraising!).
Suppose you don't raise--then you will frequently face troubling flops that give you little idea of where you stand later. In this case, for example, on that flop you have absolutely no idea where you stand if you just call and let several (4,5, etc) limpers see the flop. Almost certainly one of them has a J, so you either have to hope for the third club that misses their full house draw, or one of the two remaining aces, which are very likely sitting in others' hands.

My general rule of thumb is, when you are dealt AAxx:

in EP (not blinds): limp & reraise if possible
in MP: limp & reraise if possible, OR if raised to you, reraise right away
in LP: raise if not raised yet, reraise if already raised

SB/BB: MUCH more tricky. Any time it's raised, reraise. Lots of limpers, "good" AAxx, raise. Lots of limpers, "bad" AA (AsAcQd9h) complete/check. Few limpers, complete/check.