I haven't really studied what people are doing in-depth and there may be different strategies but that's what I think most are doing and what I would do.
The other strategy I think, is that some people use one of those to test a market to see if it's viable before building a site. Then build the site, link to it from the lens or hub and then leave it as another front door with a teaser, but start putting most of the content on the site they own.
You just need to carefully read the TOS before doing it. I know lots of affiliates and SEOs that had blogs on Wordpress, just had their blogs deleted because the TOS says you can't use the WP hosted blog primarily to drive traffic to affiliate offers or link out to another site (for SEO purposes).
The other thing to consider is that Squidoo and Hubpages have already been pretty heavily gamed and spammed. I know for awhile at least Google had a problem with Squidoo. They are also pretty competitive at this point. So there may be some other options that spammers have ruined yet that could work out better. I'm not sure, just throwing it out there.
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