Sridharan,
You have raised a legitimate concern on aggregation. It is impractical to create an aggregate table for each level of detail (or more accurately, for every COMBINATION of dimension levels). The general workaround, as Blom suggested, is to attempt to know in advance which aggregates might be most important.
However, the ugly little secret of aggregate tables is that it's pretty much guess work most of the time. If you base it on existing reports you'd better make sure that is the summary level that they really NEED as opposed to just what the are getting now. You need good business analysis to attack that problem. But that's a given.
The bigger problem I have with aggregate tables is what I call the problem of entropy; the database only gets more complex, it never gets simpler.
It's easy to create an aggregate table("Oh, you need sales, by product LINE, by WEEK? No problem!"

But once an aggregate table is built, it is very hard to get rid of it. Even if you discover it is hardly every used. ("Maybe it's the CEO that only hits that table once a year. I'd better leave it."
As a result, more and more aggregate tables get created, each one used by fewer and fewer people.
The problem is most data warehouse design focuses almost exclusively on SQL reporting. A very reasonable compramise is to create a few (carefully chosen) aggregate tables for SQL reporting, but use an OLAP (On Line Analytical Processing) tool to give the users all the different levels of summary. OLAP tools let you "slice and dice" through any combination of aggregation levels you want.
Some do that by pre-aggregating totals at all combination levels, other by summarizing up to a certain "base" level (like a single aggregate table) then summing all the level combinations "on the fly". (Very basic description.)
As long as you keep the details in the warehouse, the users can perform most of their analysis using the OLAP tool but still be able to drill down to find the details when they need them. Don't try to use one tool (SQL) to solve all problems.
Just my 2 cents.
Matt

PS. The "vendor" I work for sells both data warehousing tools and OLAP tools so I'm not trying to "push" the discussion in one direction or another. I just see a lot of folks driving "screws" with "hammers".