tedster - 3:36 am on Dec 15, 2012 (gmt 0)
Well, since each page is designed for a slightly different query phrase, I don't see how that could happen. From what I've seen, this kind of thing is usually aimed at 3-word and even 4-word phrases... all building off a 2-word phrase.
In this case, at best, a single 3-word phrase page continues to rank for that phrase. The 2-word phrase is a goner, and the rest of the 3-word pages, too. If there are a lot of these pages (in other words, it's a widespread tactic building off several 2-word phrases) then all pages on the site may stop ranking. But then it's beyond a "minor" spam signal.
A related spam tactic is throwing a lot of any "related search" phrases into the same page. I've seen that page vanish from the SERPs, but bounce back quickly after the related phrases are removed.