You never seen a legitimate use ? I thought this was the oldest trick in the book.
touch `printf "\01"`
chmod 000 `printf "\01"`
and now, if you ever do 'rm -f *' by mistake, you will get a chance to abort before any files are deleted.
This is also useful to name image files: use a two dimensional ascii-art rendition of the image, this is much more intuitive than _dsc2919.jpg. After all a picture is worth a thousand word... and in ascii-art it _is_ a thousand word!)