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Sorry, lots of questions.
Volatile, what has been your experience?
If you mean how long does it take for a cloaked page to get indexed...this varies from case to case, and from engine to engine. I can't provide a real answer to this one because there are just too many variables.
Remember that cloaking does not help in obtaining good search engine rankings. Cloaking is really a SEO "neutral" technique, which will neither improve nor worsen your rankings. A cloaked page is just like any other page, in that it takes a combination of factors, on page and off, which generate the rankings.
Links pointing to a cloaked page will help with the rankings, especially if they come from relevent sites and have good anchor text.
Pagerank isn't everything anymore, but the more links, the better.
Targeting less competitive phrases to stay below the radar makes your work a little easier, but the real dough is in the competitive phrases :)
Probably not banned outright, but they could be penalized for linking to a "bad neighborhood".
You would be better off getting a bunch of links from a bunch of PR1 sites, than exposing a PR6 site to that risk.