ip568:

Having spent more than a little time at the Cessna SkyCatcher exhibit in Oshkosh, it appeared that the folks actually placing orders fell primarily into two camps.

The first were flight schools looking to replacing aging trainers, probably runout 150's, 152's & 172's.

The second group appeared to be aging pilots who are current Cessna aircraft owners, but concerned about passing their medicals in the not-too-distant future. I spoke with a number of pilots that fell into this group.

In either case, the six-figure asking price obviously did not represent a barrier, as the cash registers were clearly ringing.

You are right on target regarding the values of the certified aircraft that meet the LSA definition. This EAA article describes the Ercoupe market:

http://www.airventure.org/2007/7sat28/lsa_ercoupe.html