I would like to examine the reraise on the flop.

Reasons to raise:
1. You might win the pot right now.
With a bet and a raise in a multiway pot two people have said that they have a hand. I think the chance of this has gone down, it would be much better if they had checked.

2. You get a free card on the turn.
Well if you had called I'm not sure the turn bet would have been much bigger than the raise on the flop.

3. It can disguise your hand somewhat when you hit.
This might be a good point.

Reasons not to raise on the flop:
1. You don't necessarily want people to fold because when you hit you will want a strong hand and you want more people in the pot to have either improved or call a bet.
2. Not raising will leave more money in your stack for implied odds if you make your hand on the turn.
3. You might get reraised all in right there on the flop with a set or possibly top 2 pair by MP who may not get a chance to bet again this round if you do not raise.

Any thoughts about this?