Steve,
I didn't fold pre-flop. In fact I "capped" the betting pre-flop. I didn't toss the hand until the flop.
The fact that I knew everyone at the table likely had some bearing, but with an ace on the flop I knew I was no good....especially with a bet and a raise before me.
I'd like to think that I could have gotten off of the hand in much the same way had the situation been as you described.