Ok, so he won't be suing cordless phone companies over this. However, he'll be suing Microsoft (since they own the makers of the Sidekick and software for phones), Nokia, Motorola, Samsung, LG, Kyocera, HTC, and many many others since that's how caller ID on cell phones works.
Can we say snowball's chance in an industrial fire?
I don't think it's that clear cut. You're trying to evaluate his patent on the basis of the current state of the market. All he has to show is that in 1988 when he filed that this was novel. I can't say one way or the other, but that doesn't strike me as an absurd claim.
He WILL be faced with the issue of not taking action promptly, so the awards may end up reduced dramatically because of his inaction, but at first glance, there's a chance that this patent will (and should) be found valid.