I think we are on the same boat, LoveGoblin. I started to build a freesites about some two weeks ago, but I still have no sales. Form the start of my "freesite tycoon" career I am building and submitting one freesite each and every day. I try to make them nice, SEOed and clean and I am hopeing that linklist owners/reviewers will start to love me and that they will let me to make some money to cover my server bill
Anyway - it looks like it is a long-term business.