Every one knows playing low to mid pocket pairs you limp in, see the flop and unless you hit your set or the flop is all under cards you are pretty much out of there.

Generally for me the scenario comes up as follows:

10 Man STT
6 callers, low to mid pair late position
I limp into the unraised pot
Set hits with flush and straight draw showing ....

I feel I never get enough value out of my flopped set due to mainly the flush and straight draws showing.

I tend to play this situation by killing the pot odds for the draws ... and then watch everyone fold ...

I then sit there wondering did they fold cos I killed the pot odds or because they weren't on flush / straight draws ... and hence not giving anyone the chance to catch up and get more money into the pot.

How do others play this situation and should I be happy just taking the pot down at the flop stage.

IMO, especially in Tournies, you need to kill those odds. Take what you can out of the hand and run. Yeah, I hate it, it sucks, but it's better than getting stacked, or even just losing a hand wehn you let them draw with odds.