I wonder if this is a stupid question but I can't work the answer out and I don't remember seeing it answered before so I'll risk it...
Today we're running at 106% profitability vs LTC whilst mining 66% LTC. This seems to mean that the remaining 33% of has power is generating 6% additional profitability over purely mining LTC. Why do we mine LTC at all when the other 33% is driving the increase in profitability over a pure LTC play?
I know there's a good reason I just can't work it out (unless it's purely a hedge against the other coins being worse than LTC so diluting that risk)!
If WafflePool mined 100% Litecoin for a day, the resultant BTC/MH would almost certainly not equal 100% LTC either - it might be 80% or it might be 120%. This is because of variance/luck.
When we are mining Litecoin, it's because it is the most profitable coin to mine at that time, based on many factors.