Funny you should ask I just stayed up all night working on my lenses. I'm not sure if they're worth anything since there are so many outbound links, but they tend to rank so well for SERPs that I imagine being able to put a whole bunch of targeted links on them should be worth something in the long run. For now I'm going to do a little bit of everything as often as I can and that's gonna include Squidoo pages unless someone can explain to me why I'm wasting my time. I haven't even tried a direct affiliate/bum approach yet but that is the next logical step I suppose.
Squidoo is a great backlink resource for your sites. If you choose the right keywords, your pages can get good page rank and visibility (some of the sitewide keywords have very high page rank - like 5's and 6's, and they're all dofollow).
Squidoo is brilliant for affiliate marketing, promoting your business, website, club, hobby, charity etc. They give you a lot of freedom and a wide range of excellent tools to build your pages.
There's a great community too, with plenty of Lensmasters on hand to give you tips and advice. > www.squidu.com/forum
I am sure that Google and Yahoo love Squidoo. So you can promote affiliate products by using Squidoo.