I'm applying this method. My website is almost 2 weeks and 3 days now with 30 post in a german language. i do posting in a moderate number of 2 post per day and will just go up 5 post per day after a month. Posting plugin given has a problem. But that's not the problem as I can do the manual uploading of all articles in a daily routine. I'm used to work in a manual way.
All of my pages already indexed, and my site is on the page 1 result for its main keyword. I have done some backlinking. Pageviews are particularly low. I have placed amazon, clickbank banner links. No monetization earned yet but i know its too early to expect. I will put up Google adsense this weekend and will make some more sites probably 10 more after a month of applying this method.
OP and some IM's are 99.9% correct. While most IM's particularly niche sites owner dig their luck on already heavily competed US market, only some divert their energies to a much larger Non-US market which are still untap! Europe particularly Germany which is the richest country in that zone is still less-saturated.
OP, I'm not hijacking this nice thread of yours, but if anyone interested especially the newbies or even the experienced members who want to outsource all the works in setting up a website like this to me. I can give you a very reasonable fee in a website package deal which already included a TLD domain, free hosting and the hard work parts of setting up a new wordpress website.
Works Include:
1. Keyword research
2. Domain registration
3. Setting up the hosting, wordpress setup and all the needed plugins
4. Article translation of up to 50-60 of any language of choice
5. Posting of the first 5 articles,
6. Web 2.0 linkbuilding, etc.
After the site is done and transferred to you all you have to do is to continue posting your articles. That's it. My first service offer here at BHW.

Thank you very much OP.