The bad part of this is that you will be OOP for the rest of the hand. As Pelion mentioned I MAY call a min re-raise with AQs and play for flush/set, but would probably fold AQo.

Edit: BTW, I have noticed this pattern quite a bit lately and it seems that in several cases the limp/re-raiser had a mid PP or some weak holding like AJ0 or KQo. I will review a couple of my HH's to see if I can find any examples.