It's good for backlinks building, but for revenue - you won't get much money from it. But I still believe that you can get good link from lens which contains articles related to your site.
Many Squidoo lenses have been dropped in ranking from google search engine ranking. Google might be taking it seriously due to spam attacks.
Aw man, I'm sorry. Do you remember how you wrote the really good articles? You can replicate that in Ezine Articles (of course, abiding by their rules) and then re-submitting them? I think what's starting to happen with a lot of these instant publish article directories is that they're realizing they've left themselves open to a lot of spammers and salespitchy people. I know Squidoo got slapped by Google once a couple years back, so they got strict. They're probably really cracking down now. I've noticed that article directories with an approval process tend to have better quality articles. It's a pain to you in the beginning because they're training you to write a certain way, but in the end it benefits you and them. Perhaps, in the future, you may want to write your articles in a Word document first. Perfect it there, then copy and paste to an article directory. Save the Word Documents so if a similar situation were to happen, you have back up.
I am thinking with that too... Just like the Ezine article they've been also strict in that matters to maintain their credibility..
I think thats a good idea. If they remove spammy and shitty content then ofcourse it is for the benefit. That is how one can learn to build a good lens. I have not faced any serious issued with ezine neither squidoo and i hope not to