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(1) The search engines will hate you if they catch you.
(2) The technology behind it is rather tricky, even very technically competant people try and fail because they don't understand a few crucial nuances.
(3) This is high maintenance intensive SEO work. You can't just put up your pages then forget about them.
(4) There are other ways to accomplish the same results.
One alternative approach is to actually design your site in the way that the cloaked pages would pretend. E.g., if one of your important searches is "telecommuting jobs" then make a whole sub-section called "The Telecommuting Jobs Center" and stuff it full of text and links related to that term.
I hope you weren't looking for an easy way to dominate the search engines, 'cause this ain't it. If you find one, mail me!
Anyone have the the link to Air's post handy?