Okay, I guess I'm misunderstanding what a blog versus splog actually is. If all you're doing is pulling feeds into your splog, then you're probably not going to get much out of it. But, if you're pulling feeds and altering so that keywords match the keyword density you want in compliance with certain urls and etc., the splog will get the same ranking as a blog if like I do you consider a blog a unique piece of prose original written by the blog owner.
There are many popular blogs out there that don't even come up in search engines by the average person because they aren't even aware of them and aren't typing in the necessary seo info. These blogs get popular by word of mouth and link exchanges and usually aren't used to promote porn.
Google can't tell the difference between a blog or a splog unless you're just pulling unaltered feeds from other blogs
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