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tedster - 12:50 am on Dec 21, 2009 (gmt 0)
This kind of place usually has very minor content value - that's usually something that jumps out at you if you dare take the time to visit, and it's unlikely you would want to link to such a site from your own quality site. There's nothing about a pharmacy link or gambling link that is inherently a bad neighborhood, although certainly some of them are card carrying members. So from what I understand the answer is "yes, you will know if you visit there".
An important clue is the word "neighborhood" itself. I can't find a reference right now - maybe it was something I heard at PubCon - but the idea is that the site is part of a network, a kind of link farm that either powers spam or malware.