As soon as the purchasing power of 1 sat is more than a penny, the usefulness of the lightning network for micropayments diminishes significantly.

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In this scenario what is a penny worth?

A penny is worth different things to different people. In any scenario 1.5 is better than 1.99. My point is that a satoshi will be too valuable to make any sense for small purchases and that point seems to be coming sooner rather than later.