That's a good topic, Ed, and I'm curious to hear what people have to say about it as well.
I also own more Indian domains than I'll ever be able to develop
They're parked, but traffic from search engines is nominal. However, they do get what I would consider a significant amount of type in traffic - more than, say, my .ca domains.
The one thing though is that the payment per click I've received is very low. I've got the domains parked at Namedrive for now and I'll probably move some of the higher traffic ones around to see if I can get a higher pay out. I'm also optimistic that over time, as more businesses and people move to the web in India, bidding on PPC will get more competitive and payments will increase.
I'm curious what parking companies people have found work best for .in and .co.in domains.