I think it was a really great way to get the consumer involved in the buying process. While it's not something that I would personally spend money on, I could see the value in it especially if you love fashion or are a big time runner and want shoes made to your specifications.
Everybody dreams of being able to give some personality to their shoes and clothing. Most people don't have the ability to do this and have it look sharp and professional. Nike providing this opportunity has shown a spike in sales, meaning that both the company's consumers and investors are happy.
Yes, Nike ID was the best thing to happen to Nike, because they finally have a product that people are interested in again. Nike fell out of fashion at the end of the 1990s. Some of their products since have not been cutting rate, especially their shoes. This puts Nike back on the map.
The Nike ID product line reminds us that consumers covet custom-designed items. Even if there are limited customization options, giving the customer the option to feel like their design is unique to them is a powerful sales tool for the athletic company. Nike was smart to let their customers have the power of design.