To answer your main question, content aggregation is not good SEO.
First, search engines are going to see scraped duplicate content. Second, if you add any ads at all, you will only increase the odds you will be viewed as a profit-seeking-curated-content farmer which may as well be equivalent to spam.
Panda and Penguin were released to deal with sites that provide no-value content aggregation.
If you aren't adding value, don't do it.
OK, all that being said, I do find Flavors.me interesting.
I think it might work as a personal website used to drive traffic through to other channels. Like About.me, but with a bit more oomph!
Provide a solid profile (unique content providing value) that points to the places I spend my time on the Web.