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My experience with blog-lists has been so-so... both of my blogs get about 10-20 uniques a day... and I've signed up to about 20 blog lists each. In the beginning I was getting 150-300 uniques a day, but this tends to only last a couple days, since your blog tends to fall to the bottom of the list pretty fast--where nobody clicks.
Incidentally, it's one of the reasons why I created my own bloglist. I wanted to create the kind of blog list I would want to submit to... which is the kind that's going to help me get more hits over the long run! As it stands, you don't really get much out of joining most blog-lists over the long run, which means they get a link from your site for practically nothing. It's works too much in their favor, if you ask me.
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