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The opportunity cost to the current registrant is less than $10 to renew for a year -- against an offer of $1,000 - $1,500 ... which, to me, would demonstrate that there was "interest/value" in that domain.
I would place backorders with every service that offers them -- and then hope that, if it goes to auction, your top price of $1,500 is enough to be successful.
If they do renew the domain, then you can always send them your best offer.
Others may have different valid points of view.
[edited by: buckworks at 9:20 pm (utc) on Nov. 1, 2008]
[edit reason] Cleaning up [/edit]