Newsday is reporting that the Al Triolo, owner of LI.com has received a $500,000 offer for the name through Sedo.
I would love to have the luxery of passing on a half million dollar offer, but I believe this name is worth more than the offer. Two letter domain names are the rarest .com names availavle (676 total), and on the rare occasion that one comes on the market, it is usually of lesser quality, and those are usually sold for over $100,000.
Most two letter .com names are fully developed and associated with businesses, such as JR.com, BA.com, and NV.com. I think the owner should hold out for an offer that fully values his domain name, and that would probably be over $1 million.