Having done a few (some over 12 years both specific geo targeted and national ones I’d say in general “G” local pretty much killed straight pay and display revenue... Possibly a few niche’s still out there (business that have been slow to catch on to the benefits of the net etc ) You’ll need to be far more creative with getting in revenue streams, e.g using the directory member numbers (if there high enough) for discounts, offers, selling info etc. Overall the general time, effort needed to keep them high enough in serps, constant updates, new fresh relevant content through in keeping "g" happy there are easier less time consuming more profitable ways out there. For start up or non established ones doubly so... good luck if its a route your going down