Your Advice Please

I was playing a tournament recently, and the following hand came up.  Actually, it is the hand that busted me.  I am posting it because I was faced with a very difficult decision, and while I think I made the right decision at the time, I blame that decision for the loss, so if anybody has any opinions about it please share them.

Actually, I just now decided to make this post a two-parter.  In this part, I will set up the decision and ask for your thoughts.  Part two will tell you what I decided, and what the result was.

It’s about midway through the tournament – by that, I mean roughly half the field has already busted out.

The blinds are 100/200 with no ante.  I have one of the smaller stacks at the table (what else is new!) but nowhere near dire.

I am the big blind, with 3730 chips.

Player 1, under the gun, folds.

Player 2 (6675 chips) raises to 600, three times the big blind.  He is a little loose but not crazy.

Player 3 (6745 chips) calls.  He is a good player that keeps losing the chip lead on bad beats.

Players 4, 5, 6, and 7 all fold.

Player 8 (3725 chips) is in the small blind, and calls the raise.  He is new to the table and I do not know much about him.

I look down and find the Queen of Diamonds, Queen of Spades.  Very nice!

So, here is the question.  You have three choices.  And no, folding is not one of the choices.

1.    =   A moderate re-raise.  But any re-raise will basically pot-commit you at this point.  (For the record, I did not consider a moderate re-raise.)

2.   =   Re-raise all-in.  You have a premium hand, there are 2000 chips in the pot ready to be taken, and even if you are called your almost certainly have the best hand at this point.

3.   =    Smooth-call the raise / slow-play.  With 3530 chips left, you can easily call the 400 and then if the flop looks scary (an Ace or King flops) you can easily get away from the hand and still have an okay chip stack.

While you thinking about what to do, think also about what your opponents might do.  For example, let’s say you consider re-raising all-in.  With some luck, that can scare away folks playing aces.  But, what if a player has Ace-King?  Will he fold preflop?  Of course not (at least, I probably wouldn’t).  So, you’ve committed all of your chips and have no escape if an Ace or King flops; whereas with a smooth call you do.

So, what do you do?  Post your strategy in the comments, and after a few days of digestion I will tell you what I did and what happened next.