There is a time and place where maniac players can be highly useful. In truth, you can use them to neuter a late position player.
If you are sitting in the early position, and you have a maniac seated after you in a middle seat, you can use this player's natural reactionary personality to your advantage. Like most players, even a maniac will simply call the big blind in pre-flop betting and wait to react to what the guys in the late position are going to do. If you are in an early position with a playable hand, you may want to consider using a semi-bluff in this position.
You will not just call the big blind, but you will also raise. This will usually provoke a call and possibly a re-raise from the maniac. The late position players will have had all their positional power stolen by this early aggression.
The value here is that unless the late position guys have cards with real value, they will probably fold. If they do play, you know that you are facing at least a made pair. If the late position guys fold, the maniac is now the default late position person, and you know what you're getting with the maniac. They will be calling bets with lower quality cards.
The decisions here become easier for you. If the late position player stays in the hand, you might consider getting out. If it comes down to you against the maniac, chances are you stand a good chance at winning the hand.
Good Luck!
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