There is not one way to curate or define curation. That's why the practice evades so many people.
SlideBatch asked 11 thought leaders to weigh on the topic. Each has a different thing to say.
Joe Pulizzi, for example, believes that you should curate your own content instead of others'. And Tom Webster advises against a curation-centric attitude towards content marketing.
I think the most important lesson of all is that you have to do what works for you, your brand, and your audience. The way I curate is very different from what @Martin (Marty) Smith or @Brian Yanish - MarketingHits.com (to name a few excellent peers) do. But at the end of the day, our audiences stick to us because we care about delivering useful and educational info in a way that makes sense to them.