Secret to making money from Squidoo lenses - make lots of them, replete with keywords. This will drive traffic to your other sites - as well as giving you a greater slice of the Adsense pie shared by all.
Squidoo : Just the FAQ: "Some lensmasters are in it for the content and not the money. Maybe they earning $0.50 a month. More often than not, they select one of our 80+ nonprofit partners to donate these royalties to. Other lensmasters make lots of lenses, work hard, and earn thousands of dollars a year. Still other lensmasters are here to fundraise for charity, and group up to send thousands of dollars to their favorite organizations each month. What would you do with your royalties?"
The only other lens I've found which makes money via Squidoo is mostly a squeeze page for someone's list (Squidoo Queen). However, the quality of the emails is the only thing which retains such subscribers.
But the idea of using squidoo to give you more pages to link your salespages, squeeze pages, blogs and other sites - makes sense if you can have the time to build them.
That's the key. Time management. If you are building a list, then spend time on your articles once you have your autoresponder email series all set up. Build the squidoo lenses later in the week, once your quota of articles are written and posted.
Don't distract yourself with squidoo pages that are able to link nowhere - and then you have to go back just to edit the links pages in.
Build your key points first, get your list running and articles linking to your squeeze page. Get your blog(s) up and running (one per subject). THEN build your squidoo lenses and link all the above.
Logical sequences rule.