I think that LE's serve a purpose in this hobby just like everything else.
It would be interesting to know how many of today's collectors DIDN'T start collecting by first picking up an LE or 2.

I have alway said that one man's garbage is another man's gold.
I view LE's no worse than Beanie Babies, Collector Plates, Themed Silver planchets, Baseball Cards or any other "created" collectable.

I have said before and will say again that some years down the road LE's might be viewed in a different light.
Unlike house chips which can number in the 10's of thousands LE's like their name implies ARE limited.

I think we would all agree that this hobby compared to many others is still in its infancy.
Right now this hobby is growing by leaps and bounds. Technology exists that could possibly bring an end to chips totally, IMHO 20 years from now this so called "Gaudy Junk" may very well be accepted as a "true" collectable