It's quite a good strategy, especially as a way to get the site above, say, 100 pages quite quickly.
Only problem is it's very easy and cheap to pay for loads of poor quality articles, but paying for or writing high quality articles to replace them is much slower and more expensive. So it's difficult to keep up - and you still end up with hundreds of poor articles.
I should know, I've got plenty of poor pages earning almost nothing.
I don't think it's easy to reach 'a few hundred a month' with a very poor site - although there is a technique to it that some people (Will etc) have mastered, never quite managed myself