I think this strategy works, I just can't convince myself to invest that deeply in building up something that I don't really own.
Hubpages or Squidoo could change the rules, cancel my account, or simply go out of business. That doesn't make me feel like it's safe and wise to invest my time and money into building on their platforms.
For me, it makes more sense to register a domain and throw Wordpress on it. If I were less technical, the answer might be different.