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pageoneresults - 9:09 pm on Jul 15, 2004 (gmt 0)
I'd say that would cause some problems for the competitor. My understanding is that there are many things you can do to harm a competitor. I'd rather not discuss them, but the above I believe is one of them. And then again, it could backfire on you and your competitor could secure all the top spots because of your actions. ;)
Let's say that my competitor ranks for "red widgets". I pay two sites to link to him using the keyword text "red widgets". Each of these sites places the link in the same spot on each of their 100,000+ webpages.