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I think it's largely gone the way of the Dodo, but that doesn't mean it can't be resurrected in the future. The fundamental idea behind it is sound - offer people multiple sites with the same topic of information.
The problem with commercialized sites is the competition factor, although ideas like directories offering a partnership system and sites that offer services providing links to related services also falls under this.
I don't think it's likely to be a big part of commerce for several years though.
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