plain and simple, ALWAYS raise with AA. whether in early or late.
some tricky players will limp with AA in early position which is a great way to take alot of money from someone, but its also a great way to lose alot of money to someone. (you gotta hope someone will raise so you can reraise) but thats a pretty advanced play that you should only pull off if you know your opponents well enough. which, at this point, most players are not good enough at reading their opponents to keep from losing to much money to trips, two pair or whatever. You also have to be able to fold it (which, virtually no beginning players can) Just stay away from that play until later.
The main problem here is a pretty common one. Doyle said the problem with Aces is you either win alittle, or lose alot. This is pretty accurate. Alot of players think that because they have a good hand, they have to win alot of money but the truth is, alot of good
hands won't win you very much. In order for you to win alot of money in hand, your opponent has to have something also. this is the case with hands like full boats or quads.
ie:
your hole cards are 55
flop is 55A
do you really expect to win alot here? you're not. you have great hand, but you're not. you have all four 5's, so noone has trip 5s. The more likely chance is that your opponent has an A, but even he will be scared of the pair on the board. your best hope is to try and convince him you are trying to steal, which is a very fragile play. your other hope, is the off chance that they have AA.
the fact is, AA (and other big hands) isn't as an exciting hand as people think. it is really strong, but hands like this aren't the most profitable. AA is and pretty cut and dry. Always raise and don't expect to win alot.
one thing about players that like to limp in late with AA is that in the long they are going to lose money because of this. of course, there are those times when they win good sized pots by conceiling their hand, but they are giving you a chance to catch a better hand. so, if they are agressive (which they usually are because they have to be) they will push you out most of the time, and they will win just as much money as they would have normally (perhaps alittle bit more). If you do catch something, better than an AA (not uncommon) than they will lose alot of money to you thinking what they have is so well hidden. Their best bet is that they either flop an Ace (remote possiblility at best) or their opponent will flop top pair. the problem with this is, any decent player can fold top pair, so they will still not win alot of money. So, effectively, they are hiding there hand from opponents that may have lost a good amount of money to them anyways (because they're not good players) and risking losing alot of money to opponents who know better.