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Check out my response on this thread:
gfy.com/showthread.php?t=1085812
(sorry, can't post links yet)
In a nutshell, if you aren't offering relevant and unique content on your niche blogs, it is a waste of time and might even hurt your rankings on some search engines to have them linking to your main site. But as I detailed in the link above, if you have quality content spread across multiple genres, it can be advantageous to break it out into smaller, targeted niche sites.
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