Button is a bit TAGgish, but is often very weak after raising preflop. I think he's playing a very fit-or-fold sort of game. Of four hands where he has raised preflop, only followed up with a flop bet on one of them, and folded before seeing a showdown for three of them (with flops like QJx, Axx, and 432.
Button is a loose and aggressive, but he only stands out as a true LAG when it's heads up. He 3-bet the flop and turn heads up with only a flush draw and bluffed the river (didn't even have overcards). If I had more time, I would post the little battles he had with me (I was playing my A+ hand-reading game against him).
The other guy is a super loose-passive donk. He has called a river bet and failed to beat bottom pair at showdown more than once.
I've got to run off to a meeting, so I can't sit around and tend this thread. I think the play on every postflop street is pretty interesting and not necessarily correct.
Paradise Poker 1/2 Hold'em (5 handed)
converter
Preflop: Hero is UTG with 8[img]/images/graemlins/club.gif[/img], A[img]/images/graemlins/club.gif[/img].
<font color="#CC3333">Hero raises</font>, <font color="#666666">
1 fold</font>, <font color="#CC3333">Button 3-bets</font>, <font color="#CC3333">SB caps</font>, BB calls, Hero calls, Button calls.
Flop: (16 SB) K[img]/images/graemlins/spade.gif[/img], 4[img]/images/graemlins/diamond.gif[/img], A[img]/images/graemlins/diamond.gif[/img] <font color="#0000FF">(4 players)</font>
<font color="#CC3333">SB bets</font>, BB calls, Hero calls, <font color="#CC3333">Button raises</font>, SB calls, BB calls, Hero calls.
Turn: (12 BB) 5[img]/images/graemlins/club.gif[/img] <font color="#0000FF">(4 players)</font>
SB checks, BB checks, Hero checks, <font color="#CC3333">Button bets</font>, SB calls, BB calls, Hero calls.
River: (16 BB) 7[img]/images/graemlins/diamond.gif[/img] <font color="#0000FF">(4 players)</font>
SB checks, BB checks, Hero checks, <font color="#CC3333">Button bets</font>, SB calls, BB folds, Hero folds.
Final Pot: 18 BB