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There was also a stretch over at Yahoo where you could spam the living daylights out of their directory with horribly long keyword specific url strings and do quite well....in fact, you still can but since the percentage of searches via the directory listings themselves has dropped dramatically since Yahoo hooked in Google results last fall, it's hardly worth the effort (though if Yahoo ever pulls from their directory again and hasn't found a way to address this issue then these domains will do well again..)
I am seen a certain amount of this going on at Google's SERPs ... but most of the time the off page elements are what get's you the high listings..
I think this is becoming less of an issue due to the down-grading of the importaince of anchor text.
Mack.
Then you awake one morning to find Google moved the goalposts ... you are now 100% spamming and you've been dropped.
When we hear the phrase .."don't even go there".
That's about right in this case. So whilst I understand you were not suggesting spamming, my advice of "I would suggest not even exploring the boundries of spam." ought to have been qualified by starting with ..Imagine a thin blue line...;)