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I am thimking of starting a couple of niche directories. Its little hassle, and the motive is not adsense dollars, or dreams of granduer in the future.
Rather, I am interested in the linking. The directories would not have content. just links in categories.
The content would be on other niche sites, which do have adsense running.
Now I think it is more interesting to question the value of these links in the future in the eyes of the SE´s. I am seeing a huge explosion of directories, and see only ontopic directories being of any use in the link pr game.
Imagine a 5 dollar fee for directory listing. Not reciprical. Or one dollar. Cheap. And perfectly feasable. But the owner of the directory has pr to play with .... hummm
thats what I find onteresting.