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I don't think the RPi could be much more than a status monitor for connected ASICs.

The Pi's CPU is capable of around 0.2MHashes/sec at 3.75W[0] whereas even a weedy USB ASIC such as the BitForce SC 5Gh/s is capable of 5,000MHashes/sec at 30W[1]

[0]https://en.bitcoin.it/wiki/Mining_hardware_comparison#ARM [1]https://en.bitcoin.it/wiki/Mining_hardware_comparison#ASIC

Ah, well, there ya go. Shows I haven't put much thought into it. I'll have to find another reason to justify building a Pi cluster! ;)

Not really, there is no way you could buy mining equipment right now and make net profits. There are several calculators online that take difficulty increase into account.

You would pay far more for the electricity consumed.

The simple answer to your question is no.

No, ASIC miners will be much more efficient.