Yah,... a buddy of mine was entering a ton of those MSOP satellites on Fulltilt also,... $2 to $4 ones, running once per hour. ie. in the $3 satellite to a $15+1.50 event buy-in, you need to place roughly in the top 1/5th to win a ticket. I tried playing in a couple, won the first one, lost the second but then used my ticket for the Event (but you can just save those Tourney dollars for other entries, OR convert them back to cash for I believe a 5% surcharge).
My experience in those satellites was, you come across alot of players who don't mind tossing $$ away, interspersed with some really good players who normally play in larger buy-in Mtts (ie. $25 to $50). It really came down to alot of luck (in my opinion) seeing as it was for one, a 'Turbo' and for two, many players playing very loosely. [Oh yah,.. to occupy my mind I often run all the stats. for every player on my table].
Profitable??.... could be. It certainly was for my friend but personally, I didn't jump on it as I don't particularly like getting sucked out on often.