the important thing to remember is that AA in a multi-way pot---especially on a wet (draw-heavy) board---is not that strong of a hand. against 3 random hands preflop it's not far from a coin flip, and postflop in that situation it's much worse yet. still, often times people find it difficult to ever fold AA, even in that situation.
the worst thing you can do IMO is limp with AA and then refuse to fold postflop in a family pot. it's a recipe for disaster. the best strategy is usually to bet starting hand equity when you have it, not wait until your equity declines on the flop.
Against 3 random hands pre-flop, I don't think an AA is as weak as having only a coin flip winning probability.
if you limp AA into a 4-way pot and play to showdown every time, you're gonna lose ~2 out of every 5 hands:
in fact, the odds are probably slightly worse considering the 4th active player (not on the blinds) probably has a better than random starting hand.
not a 50-50 chance no, but like i said, not far from it.
