trackchat - 9:02 am on Mar 29, 2013 (gmt 0)
In a word: risky.
With black hat, you might wake up one morning and discover no-one is visiting your website, and neither are they likely to do so again. However, due to the risk, the rewards are potentially come much sooner than they would with white hat.
If your SEO strategy would result in you being banned from Google if they knew about it, it's black hat.