I agree. Ultimately, these kinda websites would end up in something called as Google Sandbox or blacklisted.
@Joe, Why should you own a website that is no use for visitors as well as on search engines. Yes, you may get some money from the affiliate ad owners, but who will click on those ads?
There are chances that you may drive traffic through reference and social networking. You may even get some clicks on some ads(depending upon your website design and its theme and categorization.) but please note that search engines will consider it as a link farm.