I love squidoo also. I set up two lenses in July and have made sales on one of them. It is very easy to use. You have to keep your lens fresh by updating on a regular basis.
Yes, there was a google "slap" which affected google rank, but it didn't last long and I found that my "good" lens got back on track with google quickly after the "slap".
For those new to Squidoo, there is a ton of information on the site on how to "Squidoo". I find myself reading other lensmasters' information quite a bit for excellent tips.
Take a look at my lens if you like:
http://www.squidoo.com/babyproductsthee ... henewborn/