I have a good 2 dozen sites on Squidoo, some are 100% finished and others haven't been started yet. I've been using it for 3 weeks and still have not made a penny, even after doing your run of the mill SEO and bookmarking stuff. There are some people making $30/day off of it, but I think that's a real minority of the users there.
3 weeks? You won't see any money. Not for two months. When you get a cut o the co-op. Which doesn't show in pending $$$ because that's strictly affiliate sales. And the only way to get affiliate sales is if someone actually buys. So you need to do all your SEO and bookmarking stuff, and hope that you get some quality traffic. Which can translate to sales.
If you look at squidoo as an extra resource for promoting your links and sites, It's no skin off your back to start a lens or two. with my blogs I pumped up my squidoo lenes with rss feeds and links to every blog, feed and link I got and It takes only minutes to do. Every bit helps and clicks can pile up in the long run.
OK, the quality of my lenses seems to be improving! Check out my latest: http://squidoo.com/online-earning
Use squidoo to promote your own affililate links. Squidoo is great promotional magnet. Some suggest that if you split your squidoo earnings with charities your lens will rank higher. You won't be making much from squidoo anyway.