[sweetjazz]

I don't understand how people are so quick to dismiss the flush draw. Obviously there is a lot of sense to just calling the flop with the club draw. But an expert player would also know that he has a lot of equity with a flop raise (especially if he has a gutshot draw), and he gets two benefits from raising: (1) deception which may induce a bad play on a later street, (2) some information about hand strength which will help if he makes his flush on a paired board. It's also possible CO had a read that he could profitably try to push SB off his hand in certain spots.

The river play with a flush is unusual because a check/raise would seem natural, but he might have felt that either PB was likely to check behind this river as his turn cold-calls gave away his flush draw, or he might have felt PB might raise a set on the river if bet into.

So I agree that there should be some discounting of the flush draw because of the way hand was played, but I would still make it the most likely hand.