[pokernicus]

Thanks for all your replies! Here's my analysis on the hand. Comments are always appreciated.

I was a little unsure whether the flop bet was correct. At the time, I figured that if I get at least some people to fold then there's a worthwhile equity gain (i.e., I am buying outs as if I make a hand like a pair of Queens or Kings, it has a better chance of being the best if fewer people are in the hand).

When SB raised, I put him on either a hand with a Jack or a set (in either case, there are straight possibilities, so he didn't want anyone to see the turn for cheap). In terms of possible combinations, a hand with a jack is at least as likely (if not more likely).

With gutshot outs (4 outs), overcards (normally 6 outs, but probably best to discount to about 3 outs), and a backdoor flush (about another 1.5 outs or so), calling the flop raise is a no brainer.

I have the correct odds to call the turn (assuming he doesn't have a set).

On the river, I thought check-raising might be an option. But there were two reasons I didn't go for it:

1) If I check the river, I have basically played my hand like a draw, and if my opponent puts me on a busted draw, he probably doesn't think I am likely to call any bet, so he might just check the hand through. Not to mention that if all he has is a pair of jacks at this point, then the Q is not a card he likes to see on the river (an overcard that completes a straight -- as KTs is a small possibility for a hand I might have).

2) If I check raise, he might fold a pair of Jacks, but three bet with a hand that beats me.

This makes me think that a straightforward value bet on the river is my best option.

Here are the results in white:
<font color="white">My opponent showed down AsJs for a pair of jacks, and MHIG.</font>