Taking offers personally (Y2/M3/D2)

Given my post today on L.A. Land was about how exorbitant list prices offend me on a personal level, I feel compelled to share the other side of the coin. Here's a brief excerpt from the listing agent's "vent":

"The problem is that I [the listing agent] know a home's intrinsic value and I know that there are offers that just don't even come close to that. So when a buyer's agent (or in this case some investment company who claims that a family member is in desperate need of a house) knows that they can't afford this certain area but they come in anyway to insult the sellers with their ridiculous offers, I get a little steamed."

I think that making a true low-ball offer (say, 10% or more below list) just isn't going to fly so why make it? Personally, I wait for a price reduction so that my offer is closer to list. But I wonder: is it just a rookie mistake or does it actually fly now and again? Hmmm.