Directory Website is DEAD? Do you own one?

I see a lot of directory websites which the revenue model basically is rely on
Link repo and premium link buy on subscription basis.

Do people really buy these link (I wonder). I believe most of these directory websites are built by SEO companies to help pushing the ranking of their client websites in the past.

Large directory like yellow pages and superpages seems still received tons of traffics but none of them can reached Alexa top 500 in most countries.

Or perhaps Google itself is a very good 'directory' already?

If you own a directory website, how's the revenue compare to past year?

No I dont own directory site, but I think the traffic isn't mine key in that business. They need PR and promoting to webmasters and they still can sell links, I know few webmasters who owns like 10's - 100's directories with PR and they can sell links on forums and other ways to website owners who are looking for backlinks.

google panda did it's job

What about a local directory for lawyers? Would that be a decent money maker?