There is something else that I think many people here, and in other , similar, places have taken so far out of context that it has reached the point of "abusing" the concept.
Here is the most extreme example, but you will get my point.
I bought an option for .10 cents, and sold it the next day for .12 cents.
That is a 20% return, and if you "annualize" this, it comes out to (pick a number) 35,000%.
There comes a point where .02 cents = .02 cents!