Hmm, you mean, look at HN as a Digg/Reddit/Slashdot look-alike? The "aggregator site model" is pretty simple to describe, really: screw quality, get moar users, ads, profit. It clearly works as a business model, but whether that plays to the strengths of HN is a completely different matter.
I guess what sets HN apart is the premium it places on quality rather than growth/traffic. And that it caters to a specific niche rather than a bunch of disparate, mainstream topics. So the question is if it could still do well given those differences.