OK, I'll start: When I write code, I spend a fair amount of time on making sure it's readable (e.g. StyleCop compliant on the first pass, well-commented, human friendly abstractions) and it's not for aesthetics. It's so the next poor bastard who has to change it doesn't have to stay up all night inferring my intentions from a bunch of one-letter variables. There's usually no "back of the cabinet" where I can safely cut corners.
As a maintainer, I both adore and prefer one-letter variable names when appropriate - loop indices for old crufty array index oriented languages, temporary variables that all references can be seen on one page, that sort of thing.
a one-letter variable name does communicate "this variable is of no consequence, it works like an index register works in assembly, and you should be able to prove it correct by inspection. Wish it had a "foreach"... "
plus, I read a lot of signals code - filters, tranforms, where the one-letter names are translations from formulae. It's "you can write Fortran in any language" code.
Relevant: http://media.gettyimages.com/photos/cooking-oil-containers-a...