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And assuming you can properly write a thank you letter, it can't hurt you.
But it might help you.
If you're desperate to find a job, why wouldn't you send one? Not like you'd be busy doing anything else.
Well what really sucks is these days an interview typically means 4 to 7 different people. It takes some effort to make sure you gather everyone's business cards and/or contact info. And then you're supposed to personalize each thank you, so we're not talking a trivial time commitment.
And after going through all that trouble 90% of the time the ****ers don't have the decency to contact you if they decide to move on with someone else.
I know it's just how the game is played, but it blows.