Please Advice--I am going to test this system

Hi friends,
I have seen one of old thread
http://www.warriorforum.com/main-int...EwgFcMHtCDW6Br
which explained auto blogging system.

Here is details extracted from orignal post

""""This is my current business blueprint. This is something I've built up over time, and I actually really hesitate to give it away because it works so well. I've been doing this for about a year now with fair success. It really works for me, because you just set up the site once and then you hardly ever have to touch it again. It just runs itself and gets better and better over time.

Check this out and tell me what you all think:

Wordpress is the platform that everything is based on.

WP-O-Matic Plugin - this is a plugin that lets you take RSS feeds and turn them into posts automatically. More importantly, it lets you replace keywords from a list, and link them to whatever you want. This is the key to the whole game.

GoCodes Plugin - this is a plugin that lets you make neat redirects from your domain. We're using this to cloak our affiliate links.

Pick a niche, buy a domain, get WordPress and plugins set up.
Need affiliate products/links
Need keywords

Load GoCodes with affiliate links

get keyword-based RSS feeds for WP-O-Matic
- (I have a huge list of these)
- load up keywords and GoCodes URLs
- this makes all your keywords into links to your offers

submit blog RSS feed to every place possible
- (I have a huge list of these, too)
- this spreads the links to your offers all over the web

get largest ping list possible
- (I have a huge list of these, too)
- this helps to get all your content indexed, and your links crawled

Turn everything on and move on to the next blog.

What will happen is that the blog is continually building keyword targeted backlinks to your GoCode URLs, and sending keyword targeted traffic to your affiliate offers. Keep an eye on the affiliate programs, swap out non-performers with something different in the GoCodes setup. (This is another reason we're using GoCodes instead of directly using the affiliate URLs - you don't lose all the previous link-building).

Your blog domain is getting the benefit of all this backlink love so you will start to grow PR over time too. (This is yet another reason we're using GoCodes. All the backlinks you're generating link back to your own domain, giving YOU the PR benefit).

Do this over and over with new blogs in as many niches as you can manage. You'll start out making very little, but you'll be amazed at how much this kind of thing will grow over time.

Other ways I am using to make money:
AdSense and other PPC networks
Sell redirection of the GoCode links
Sell advertising space
Once the blogs get PR, sell text links
- you can get a sponsor donate plugin to make this automatic
Sell the blogs outright
Put up a squeeze on the homepage and build a niche list
- make backend offers to your list/sell ad space in your emails
Get a feed control plugin and further monetize feeds
- affiliate links/ad space sales
Replace affiliate products with your own products
-Use something like RAP to build your own affiliate team

The possibilities are endless. I'm only just scratching the surface myself.

I hope my brief description here is enough for some of you who want to try it can get all the info you need. If not, feel free to ask any questions. I'll answer as best as I can."""""

Could you please advice does it still works ?
if yes what are major or minor things which i need to take care
I have wordpress mu application on which i am going to impliment this system
your input would be really helpful..
Thanks for your time.
Rajiv