You are correct to say that poker is a game of people, information, and cards. But I think such a viewpoint is an oversimplification. "Cards" in this case should mean: the situations created by the cards in your hand plus the cards on the board, and the resulting mathematical probabilites. The people aspect could probably be combined with information to read: "your opponents betting patterns plus their general playing tendencies."

The reason it was probably stated that you are spewing chips is that most of the players in this forum try to play a fairly rigid, tight game. Such a game, which is largely a matter of patience, is probably the only strategy that will prevail in the long term at low-limit hold 'em. The nature of limit is such that, generally speaking, the mathematical aspects of the game are most important. You are spewing chips in that you are often, in essence, just paying to see your opponents' cards (even though you will have some winning chances). This information does clearly have some value, largely in the manner you note: that it can let you take down a later pot from someone whose tendencies you know on a scary board. I might suggest that there is a cheaper way to get this information: by watching your opponents when you are not in a hand. What kinds of hands will they raise with preflop? How many flops do they see? What hands have they shown down? Do they have an noteable mannerisms when they have a big hand? It is much better to pay attention throughout the game and get information for free than to have to pay for it. Doing so will allow you to steal pots in the manner you described, but will also keep you from spewing chips (which will certainly help improve your overall winnings).

Hope this helps.