There's no better way to understand a service like Flavors.me than to see it in action:
Flavors.me essentially lets you brand yourself. You start by filling in an "About" section with personal information, then you pick a layout, then you filter in the services you're participating in across the Web (Twitter, Facebook, Flickr, YouTube, LinkedIn, etc.). Work on the user's part is obviously pretty limited, as the content is pulled in by the service, so if you're looking for simple way to aggregate your Web activity, Flavors.me might be just right.
A bunch of new premium features were recently rolled out as well. For US$ 20 per year you can get a custom domain along with GetClicky and Google Analytics support for stats, as well as a Contact form. The whole shebang is still being developed, but for now Flavors.me looks like a glorified Facebook page without the the obvious ties to a social network.
Lifestreaming has been around for some time now without seeing serious adoption (like the services it aggregates), but Flavors.me is more elegant than most of the services I've seen, so perhaps they're on to something.
Interested? Try it for free.