Yes. If only for a little while, or for a little money, you will make *something*.
if not what are the drawbacks?
No search engine likes pure aff. sites, and the idea is not a new one. It is a very competitive arena, but there are lots of keywords. There are lots of penalized and removed sites in that area - its a crap shoot.
2. Can I link each product to the respective landing page of the merchant web site.
Almost always - though merchant dependant.
3. How much I can expect to make through this site with thousand products and 1000 unique visitors a day. I will cover computer, fashion, games and more.
1000 uniques? Assuming a 1% CTR, and a generous $3 EPC, that would be $30 a day.