Useless? How about the Colt Port Firing Weapon? Open-bolt M16 with a trigger weight measured in metric tons, and an obscenely high firing rate. Interesting, but seems like a waste of money considering its limitations, and your trigger finger will hate you forever.
Or what about the post-86 Glocks, both converted and the G18?
Or the StG-44/MP44? Another interesting weapon, really neat collector's item, but ammo and the collector's value makes it (to the best of my knowledge) a bit useless. Same thing for many of the WWII bring-backs chambered in exotic cartridges that can't be found anymore.
Not to say that this one's bad, but I don't really see the point in this:
http://www.gunsamerica.com/guns/976755082.htm
$5,000 is pretty steep considering what the rifle really is. At least a 10/22 trigger pack gives you plenty of options.
It's not that any NFA item is completely and totally useless, it's just that some seem inherently less likely to provide fun for the shooter because they limit your options more than most things would, in the same price range. Obviously, some people out there don't care, because those limited number of uses are enough to make them happy. It just seems that for the money, something like a registered M16 lower provides for so many more possibilities. But hey, that's just my opinion.