I know that this is a pretty standard dream situation, but maximizing value seems tricky to me here (and i've been in it quite a few times, especially in tourneys).

the person who lead is 50/7 over 40 hands.

Full Tilt Pot-Limit Hold'em, $0.10 BB (6 handed) - Full-Tilt Converter Tool from FlopTurnRiver.com

Hero (Button) ($19.85)
SB ($9.58)
BB ($10.41)
UTG ($25.24)
MP ($33.67)
CO ($6.85)

Preflop: Hero is Button with ,
UTG calls $0.10, MP calls $0.10, CO bets $0.32, Hero calls $0.32, 1 fold, BB calls $0.22, UTG calls $0.22, MP calls $0.22

Flop: ($1.65) , , (5 players)
BB checks, UTG checks, MP bets $0.80, CO raises to $4.05, Hero??

reraising seems obvious with flush and straight possibilities on the board, but the problem is that i'm not getting hardly anymore value out of the raiser, and might be accomplishing little more than scaring anyone else out of the hand. the way i see it i feel like raising this to thirteen or so is pretty much equivelant to not having the CO in the hand and just raising the .80 bet to thirteen dollars, which is obviously just blowin' value away from the hand. any clarification would be appreciated