They are a great way of getting traffic if you spend time on them.
They are both socially-based, so you have to interact within their communities to get a good ranking, just like other social media sites. Hubpages is a bit different in that it ranks based on the quality of the content.
Best thing to do is just sign up and create a page on each on a subject, make sure you do your keyword research.
With squidoo, You can create a lens for each keyword phrase (make sure its in the title) then within the page you can link to your website.
With squidoo you can make cash from advertising as well, just make sure you switch it from charity to you getting paid :-)
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