[Derek in NYC]

I would cap it here, but only partially "for value" since there's a reasonable chance you're crushed at this point. (The other possibility is that somebody is jamming the nut flush draw, or draw and a pair, in this multiway pot).

One of the main reasons I want to cap here is to make 4th street easier to play. If a guy was going nuts on the flop with a draw, he will be less likely to raise into my cap with the same draw on 4th street.

So, if I cap the flop (and thus signal overpair), but on a non-heart 4th street UTG bets out into my flop cap and UTG+1 still raises, I can safely fold. If it is checked to me, I bet for value (although a checkraise is problematic).

If a heart falls, the hand is harder to play, and I'd be inclined to fold against two bets cold, since I dont have any redraws. OTOH, if a heart falls that doesnt pair the board, there's a pretty good chance it won't be raised, even by somebody holding a set