HI,
first of all I think that other domainers' appraisals are often crap...said that the only thing I feel to share with you is what I normally do before buying a LLLL.
As Adam Dicker said " every llll is worth keeping " so every llll is worth buying but it all comes down to the price. How would it cost to you? This aspect is very important especially if you think about reselling it / flipping it to another reseller / domain investor. Also, in this particular case, you can't count on the age of the domain which is relatively " young " and the only other major extension take is the .info ( for sale btw )
True there is the Honk Kong possibility...but iy is not the best letter combination if you are hoping for an acronym.
I wouldn't go on the Hickey road as HKIY isn't a brandable version of the word...you really need to force your imagination to see it!!!
So, yes, buy it but for no more than 20$ in my opinion. ( just because it will expire on October 2014 so you won't have to spend more money on it )
I hope you found this helpful. Good Luck anyway and Merry Christmas!