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Not to bring this post back from the recently deceased, but you didn't seem to get too many helpful answers to your questions so I thought I would chime in...
If you are not duplicating content or keywords across the different domains, then you are better off with multiple quality sites rather than one aggregating site. The search engines will index each one independently thus increasing your exposure, visibility and chances for higher positions in search results.
Think about it this way (way oversimplified to make a point): If you've got 10 quality niche sites, you might get some that rank higher and some that rank lower based on content, but the lower ranking sites are not necessarily going to affect the positions of the higher ranking sites. If you've got all of them rolled into one site, you still have the same content (presumably), so you will still be rewarded/penalized accordingly by the search engines, but the overall site ranking will be more of an average of what it would have been with the niche sites. Again, oversimplified.
Another advantage is that multiple niche sites allow you to easily run different campaigns to target different demographics, and easily track results and adjust accordingly. Of course you can do it with one big site, but you won't have quite the granularity.
The key is going to be niche site quality - make them relevant and targeted, don't duplicate content where practical, and make sure to provide links between them. Also, a quick word on EMDs (Exact Match Domains) - domains with hyphens (milf-anal.com) have some subtle disadvantages over those that do not (milfanal.com); Mainly, you won't get as much type-in traffic (when people enter keywords straight into a browser address bar). Just another thing to consider if you go the multiple niche site route.
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