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I think preflop is OK, but only because the limper and BB have deep stacks. If they had standard stacks I would dump this preflop.
As played, I agree with kevster, I just dump it on the flop. You're not getting odds to see one more card (assuming that your A is not necessarily a good out), you can't assume that you won't face another bet on the turn and you don't close the action by calling.
As you played it, seems like a really easy fold to me after opp goes AI. This is just a question of pot odds. You need to call 2097 to see a pot of 3447 so you're getting 1.64 to 1 on the call. Even ignoring the ICM effect you need better than 2:1 odds to have correct odds to chase the flush.
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