My thoughts on the hand were as follows:
Preflop- really don't mind this at all, i think with KK and AA limping is really not that bad- as there are few flops which you really hate- QQ and below i think are probably raises. The only small problem i have with it is, he had been fairly active (he had had good cards- but not all were shown down)- and he is on the button so a raise is going to look more like a steal- so he could easily get called or raised by worse hands. But limping is fine too.
Flop- basically everycard (apart from two of a suit)- which he didnt want to see has hit the board- the only over, and a paired board. Its checked to him- so is looking like no-one is really that interested- although i check a 5 here if i am in either of the blinds.
So now the choice of betting or checking.
If we see what happens when we bet first- situation 1- neither blind has hit the flop and neither is holding a PP- both fold- we collect the 300 pot.
situation 2- One or both have either a 5 or an A- we get called or raised- and have to give up on the hand.
situation3- neither have anything, but the sb folds- and the big blind- thinks how has the button got to this point with a '5' and
bluff raises- outcome- we have to fold.
situation 4- one of the blinds has a PP between and is willing to call- we then check down the next 2 streets and hopefully he doesnt hit his 2 outer- or try
bluffing us and we win.
there are a few other situations- but most either involve us winning a small amount more- or getting bluffed off the best hand.
Now if we check- we really are not worried about giving a free card- the most outs someone has is 4- (the 23,34,42) hands. Checking may also make one of the blinds take a stab at the pot with something that we are beating- and depending on bet sizes we can call and reevaluate on the river.
Also i really don't think that the worst outcome would be checking this right down to showdown if it comes to that- just to show that you are capable of limping KK, which will hopefully make the table more wary of you next time you limp.
shandy