Let's say I have a database of persons who have some properties. For the sake of this problem let's say all of these properties relate as N-N.
I can either create two tables for each property (one for different values and one for cross-referencing them to the main object).
Or, I can make the following structure: 
Basically having just one huge table of values.
Are there any advantages to this approach? Also, does this approach or pattern have a name that I can look up?
UPDATE: For example, we make classifier pets with properties cat, dog and fish. So one person may have a cat and a dog (or one pet, or none). And we make a classifier hobby with values skiing, skating, football and TV. So Joe has properties cat, dog, and TV. Then cat and dog are pets and TV is hobby.
The question is, is it worthwhile to put this data using this diagram, or is it a better idea to just create pets, pets_xref, hobby, hobby_xref tables?