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I use Auctioneer all the time - specifically, I've got a Banking alt setup that takes all the 'junk' from my Guild Bank and drops it in the Ah. On an average day, I make about 25 gold. On a good weekend, after I've farmed a bunch of stuff, I can make more than 200 gold.
The thing to remember is that Auctioneer's prices are based on what items sell for on your server, and in order to know this, you need to scan, and scan, and scan the Ah to make sure you've got the latest values for things. When you're selling things, the Appraiser tab makes it easy to just scan for the items your selling at the time, but if you're looking to have a listing of all the prices for all the items, you have to scan as often as possible to get any data that you can use - and even then, items that are rare, or don't get put in the Ah very much can show either no price, or a price that's off - you just have to pay attention.
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