Over-priced, very little resale potential in anything other than major keywords (in English) and very few previous sales spring to mind (I think business.lv went for $2k on Sedo edit:just over $2k re: Namebio.com). Latvian keywords may do well for type-in, but I don't think the extension is that strong.
It could be, but is it ever? You could always just get yournamelv.com?
Of course, with development and marketing of a site the .lv extension might help users remember the .lv = Las Vegas extension (if it's relevant, of course), but I can't see that anyone's done this yet...