Squidoo is nothing but a well branded and well marketed articles directory .....
But as Sami pointed out, it depends on how you use it.
Since September of last year (5 months?) I can saw the squidoo lens is probably 100% useless.
I got less than 2 hits on my site from it, didn't really increase my site's rankings. The lens reached as high as the 12th most popular lens in it's category when I stopped promoting it, so it was pretty much a waste of time.
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Isn't the point of spamming Squidoo to have links from an authoritative domain, not to benefit only from the direct traffic?
Squidoo lenses, AFAIK, are dofollow once they get the "green tick" on the Squidoo dashboard.
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