Yeah, I had him as a kid. Of course, as a kid, I was attracted to his gawdy colour scheme. I dunno, I liked his elephant head I think - but I can't be sure.. Overall though I do remember him being the joke of my toys too. He just.. didn't have "the right stuff". He wasn't a warrior like the others, more like a gimmick guy like Orko or something. As a character he wasn't very interesting, and as a toy he wasn't much fun.
Incidently, the wrap-up on the classic figure at OAFE is pretty funny. Comparing him to the 4H staction:
In the '80s, Snout Spout was a terrible eyesore cobbled together from spare pieces, completely generic from the neck down... Unlike the sculptors in the '80s, the Horsemen have an idea of what an elephant's head looks like. The old comics depicted Snout Spout in his few appearances as a mopey, self-pitying sack of cr@p, which was probably because the old toy looked so depressed.