Ahhh.... but it is.

ULF and ELF projects are being carried out as we speak.
Here are some references:
http://www-star.stanford.edu/~acfs/fraser-smith-research.html
There are 6 ULF antennas being monitored:
http://www-star.stanford.edu/~acfs/Field_sitesMap.html

And many ELF installations:
http://www.earthquaketracker.com/
Sources also tell me the USGS is looking at research with portable ELF sensing units.

So - there is a lot of science being done with it at this time. (and I'm sure there's more than I know about as well)

Canie