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I have used these plugins, and wp-o-matic and autoblogged are the best for what you're trying to do.
Basically, you go to another site, grab the RSS feed and paste it into the settings. Some of these tools allow you to simply enter a keyword and pull a certain amount of content from the web.
Is it a good thing? Depends on what you're trying to do with the site. I use these plugins on several sites that I don't bother updating anymore..they run on auto-pilot. Some people say you might face dupe content penalty, but I for one think this is a false notion, and have not seen any sandbox effect or anything negative.
I guess understanding the purpose of your site might help a bit more.
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