YADS: Yet Another Display Site. This one takes advertising. They spammed me today.
The pitch: You get to "promote" your writing on their site (i.e., donate it to the site owners). People will supposedly come there to read free e-books and articles, the traffic will attract advertisers, and eventually you'll get a share of the site's advertising revenue.
This is unworkable for all the usual reasons, the biggest being that readers won't wade through slush, there's a surfeit of interesting, well-written material out there on the web, and all the other sites that have already tried this have failed.
I'm starting to think the urge to put up display sites is embedded in the collective unconscious of our species. Nothing else explains how often this basically bad idea gets reinvented.