What would be really interesting is if the new aggregator was made an open source project with developers and designers all contributing to the site’s code and direction and the finance was really put up there to cover the basic operational costs of running the service. The equity in the resultant business could be distributed to the community of developers and designers. That could be a very interesting business model.
Eric has an interesting idea: put up some money and call for the community to pitch in a create a blog aggregator. This is interesting mainly because of the approach (there are already two blog aggregators in SA: Amatomu and Afrigator). If you can get the money together and offer payment and perhaps some equity in the final project then throw it open and pick from the many developers and designers banging down your door.