From a developer's point of view, an utterly useless domain - however, don't pay attention to the guys that comment in the appraisal threads saying all domains that have trademark issues are worth $0. If you sell here on DP then sure - your thread will get flamed in 2 seconds and nobody will buy. But there's LOADS of places where you can find people who aren't as aware and will buy it simply because they like the name and think it's worth something. All in all - given that you find the right buyer / advertise through the right places, you'll get an easy mid- to high $xx.
Sellers should be aware that the selling of a domain that is deemed as being in breach of copyright is just as illegal as owning the domain and making a profit from it. Be careful where you sell this and who to.
Surely when you are registering a domain of this name you know that you are getting the trademark of msn with it? Lucky for him it is very rarely seen that MSN take action but i would still look to get rid of this domain anywhere possible, even just by deleting it from your registrar account.
Registration Fee. Trademark issue if you're referring to Hotmail.com. If that is someones online identity or codename/username, H0tmai1, I don't see the trademark violation especially since the numbers can be an expression of any variable. As long as the website isn't made into a mail' client site or in the market of mail services' I don't see any violation or infringement whatsoever. I wouldn't want to develop that site. However, its not one of the worst sites to try and develop. The domain has potential. You might easily get delisted from the major search engines though. Which may prove a problem if you're looking to market your website through SEO. If you've really purchased that domain though to resell, I'd say accept the registration fee or whatever you can get if someone is willing to buy it.
The value gets sucked out because it's alphanumeric aswell as a trademark violation. Mid - High $xx if you were to sell it.