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Uhh, I would think that AQ is behind almost all of the hands that a typical player will raise two limpers with. Unless the button is a lunatic you're rarely going to have any significant edge in pot equity against his range, and you're out of position with a hand that has absolutely no implied odds.

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It really depends on the player. If he's a loose raiser and will call a lot of the time, reraising AQ is bad because you bloat the pot and are out of position with no pair. If he's a 2+2-style TAG, reraising AQ is good, because you'll take it down preflop most of the time and on the flop a good amount of the time as well, not to mention the times you actually hit a hand and get action. In a 6-max game, AQ is a premium hand. I'll raise tons of hands from the button after limpers: suited Ace, suited Broadways, suited connectors, pairs, AK/AQ. AQ has great equity against a range like that.

Edit: I should probably clarify that a bit. I'll raise with a lot of hands if the table texture is such that I take it down preflop or with a flop c-bet a lot of the time. Against calling stations, I don't like to raise hands like 22 and A3s from the button. AQ has huge equity against a button raiser some of the time, and very little some of the time. You have to judge the way the table is playing.