I just finished making a new paintball classified site that takes feeds from various paintball sites across the web, and brings them into one easy to use place.
Paintball Classifieds – Find Paintball Gear to Buy, Sell, or Trade
Here's how the front end works:
First, you go to the site, and are presented with the 20 latest posts from around the web.

You can then choose to only browse a certain category

You can then view the contents of the post on the current site.

If you are interested in the item, you can then view the original post on the original site, and contact the seller.

You can also search all the posts from the site. This just uses LIKE. I was going to use FULLTEXT, but for compatibility and size reasons, decided against it.

On the back end, you set up a cron job to run a certain php file every 15 minutes (this can be less or more depending on your taste). It then runs through the feed table find ones that need to be updated (this is based on an update frequency value you set for each feed).
It then requests that feed and inserts the items into the rss items table. The link is a UNIQUE key, meaning it won't insert duplicate items.
After inserting the items, it updates the last update time for that feed, and waits for the next time. Some feeds are updated every hour, while others are updated every 6 hours depending on the feed site's traffic.
Features:
- Fully automated – Add a cron job, and it's off to the races
- Monetized via ads or eBay affiliation
- Pretty URLs
Requirements:
- PHP 4/5
- MySQL Database
- mod_rewrite (or lighttpd)
Note: First plan was to sell this, but I'm just going to open source it.