The trouble I see with hyphens (dashes) in domain names is that when you SPEAK your domain name, you must also SPEAK the hyphen! I consider this to be very awkward.
In your case, do you really want to have to say, over the telephone, or over lunch, or during a conversation in the elevator, or during an interview on the radio... "check out my site! It's 'word HYPHEN word DOT com?' "
"Pee, Ay, En, Oh, Ess HYPNEN Gee, Oh, Yew, Arr DOT..." well, I hope you see the problem!
My guess is, "no" you do NOT want to have to SPEAK the hyphen.
Just run it all together. Webmaster World is webmasterworld, not webmaster HYPHEN world. To my thinking, the ability to smoothly speak the name trumps any consideration of visual beauty. Even when speaking each letter, you can get through " W O R D" pretty quickly.
A domain name is a code. If you want to make something visually pretty, make the LINK TEXT pretty... don't bother trying to make the link, itself, pretty.
[edited by: Webwork at 10:57 am (utc) on May 24, 2007]
[edit reason] Charter [webmasterworld.com] [/edit]