So do we have equity against a LP cold-caller or re-raiser, and maybe the BB? We might, but I'm guessing that it's a marginal edge. I agree that if I get a few cold-callers on board, then great, but I'm not that happy if I narrow the field considerably. I'm going to be missing my straight or flush draws most of the time, and if I don't catch a Q or J, my hand has little showdown value. And the jig is pretty much up if overcards hit.

I actually see this the other way around; that is, I'll raise if there are a lot of limpers already, for value, but I'd rather encourage limping by limping myself in EP.