Here are the accurate odds for making flushes and flush draws with 2 suited cards in hand :
Flopping a flush 118:1
Flopping a flush draw (four of a suit) - 8.3:1
Flopping three of a suit: 1.4:1
Making a flush by the river 15:1
Now it's important to remember that with suited connectors your ideal situation is to get the straight, and the nut straight preferrably (duh

). People go all-in with small flushes far too often, and it's also worth thinking about the fact that having 76 with 89T on the table is far from the nut flush (J7 and QJ beats you). The original poster said this already, but I think it bears repeating. I'm not saying to fold flushes or straights too easily, but even that will be necessary at times.
Now as far as suited aces are concerned I'd say they work two ways, of which the fact that they are suited is much more important. In low-limit fixed games people play way too loose pre-flop and hence having a hand like A7s can be great, since when you do get your flush you're getting paid big time. Note that you have to have a lot of limpers before you (or a loose-passive game in which you know that a lot of people will call and only call pre-flop ). This is because the pot has to be large enough so that when you hit that flush you'll get paid off (and when the pot is big you'll probably get calls on the turn/river).
The fact that the hand works as a Ax hand in general, well that is sort of just gravy, since Ax is very hard to play if a lot of people have limped in. You should mostly fold weak aces even if you hit your ace, since your kicker is not worth a darn. This depends on the types of players you are facing and the amount of limpers, but in general people like their aces on low-limit tables and hence an A5 that pairs it's ace will be outkickered (by A6-AT). If the pot was raised pre-flop I *always* fold that bad ace if I missed the flush draw.