I've made a profit >$70k buying, selling, reselling LLLL.coms over the last 6 months...
Acro is right about the endusers... The inquiries I've had so far have largely been for all premium LLLL.coms with 2 exceptions: LLLX and UOOO, neither of which is exactly a bad LLLL.com and neither of which is the kind of stuff that's been regged since the "hype" really started a year or so ago.
Like many of the absolute worst LLL.coms, I seriously doubt many LLLL.coms will ever find endusers in this lifetime... That being said, I do see value in them (if only as "domainer tokens") and do see them going up in value.
Some of the logic that went into me getting into the LLLL.com market seriously back in August of 2007 included analyzing the ever-strong CCC.com market and the LLL.mobi market. Most here will agree that both serve little purpose (no offense mobi-fans), yet both are valued very highly. If we look at the percentage of LLL.mobis owned by endusers, I can guarantee you it's lower on a percentage basis than the amount of LLLL.coms owned by endusers, nevermind the fact that dotcom is a much stronger extension than .mobi, yet these names still sell for ~ $200+ ...
Let's put this question another way... You are a believer in the future of the mobile web. You wish to establish a company that will serve the mobile market... Which will you choose? A $200 LLL.mobi that everyone is going to mistakenly type in as dotcom anyway or a $200 LLLL.com?
People like to bash LLLL.coms as a whole, but when we break it all down, their arguments are often nonsensical.
There are 83000+ all premium LLLL.coms. There are tens of thousands of "premium quality" LLLL.coms that take the form of pronounceables of many flavors, including but not limited to CVCV (BEVY $15,000), VCVC (UNET $100,000), CVVC (FOOM $21,000), VCCV (ATTY $48900)...
Double and Triple premiums, another category that represents a huge portion of the LLLL.com market has seen many high dollar value sales, such as QCAC @$7041, HEYJ @ $5000, QUEB @ $4088, XXAA @ $4088, SVAG @ $4080, MMMQ @ $3960, ...
Names that fall into the double or triple premium category might be "lottery tickets", but they certainly are more than domainer tokens!
As for the lowest quality domains, I agree that many of them seemingly have no endusers and may very well never have them... But the large majority of the stuff out there aren't anti-premiums -- there's actually only 6561 LLLL.coms out there with 4 bad/semi-premium letters, making these domains more than twice as rare as LLL.coms!
Are there enough domainers out there to buy these domains as collectibles, should they not materialize into anything else? Yes, I would say so... We've already seen it happen with CCC.coms...