i find that in tournament play, when the blinds are low, AQ is definately overvalued. blinds may still be 10/20 and someone will lose all 1500 of their chips because sometimes its hard to get off of a pair of aces with a queen kicker. or a pair of queens with ace kicker. ironically, i just got dealt AQoff in my tournament, but ill get back to my point now. it is too easy to get caught up with AQ early in a tournament, people will call out with hands where they have good implied odds and it can be tough to lay it down. maybe people for this reason bust out early with AQ. however, late in tournaments when blinds are big, average stack may only be 10x the big blind, this is when i find AQ to become more valuable. people cant call you out with 78s anymore to chase their straights and flushes because they dont have the right odds anymore. they risk too much of their stack. also you can catch desperate short stacks who go all-in with Ace and a rag, KQ, etc. this can build your stack nicely late in a tournament if AQ is used right.