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i've logged like ~240 hours of live 1/2, and every time i've seen this move it's literally been aces. it's possible in been some other hand that hasn't gone to showdown but i muck queens when people do this unless stacks are deep enough to setmine. also like all of these hours have been in asia so maybe things are different here in the states.
anyway, i'm transitioning to 2/5 (played 1 session of it and one of 5/5 in the past week). the 2/5 session was at borgata in AC, saw people do the limp-reraise three times at 3 tables two time it was aces...other time i was at a new table where i had a really aggro/internetty image and was raising a lot of the blinds in limped pots. anyway one of the time i did it was with TT, pretty aggro 30somethign asian guy in sunglasses who had 2k in front of him (500max buyin which was strictly enforced) who had been 3betting a lot and playing a lot of pots limp-RRs me to 100 (i had raised to 35 and had about 850 behind so wasn't really priced in). i get kinda visibly frustrated and muck. of course he doesn't show but is it mega-exploitable for me to think even he's not capable of doing this w/o higher PP or AK?
on the drive back my friend told he does this in MTTs with like, 92s cause people think it's aces. but he's a PLO player so what does he know.
if you have 850 behind, and you only need to call 65 to continue, you do have the odds to set mine, FYI. And I Think you can assume the limp reraise is relatively strong almost always until proven otherwise.