Do City/Town Directories Still Make Cash?

A friend of mine is wanting to JV with me, to setup a local directory for a certain town. I read the "NOOBS: Get Paid $50+/hr Ez Offline Marketing" post here in BHW, along with a few other smaller ones.

Are they still worth the time and effort to setup, try and sell monthly listings, and rank the site for its categories, i.e. cityname-restaurants, cityname-stores, cityname-realestate, etc. Or is it a dead effort?

Thanks in advance,
Balth