Looking around more I found my own answer:

http://www.reddit.com/r/litecoin/comments/1bbfdc/will_mining_litecoins_make_me_more_money_than/

Reading through the Mining forums, I see more and more people talking about mining LTC instead of BTC on their GPUs. I assume this is because they are concerned BTC will be swamped with ASICs as the Avalons (and others) of the world roll their chips out, but I haven't read a good summary of why anyone would expect LTC to be more profitable than BTC to mine anytime soon.

Can anyone explain (or point to) the upside on LTC vs. BTC? It seems like liquidity alone would make this a bad idea.

There was a great graph on /r/bitcoin that showed the trend reverting the mean rate of increase after the spike and crash.