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you might want to have a look at this thread on that subject:
(although more Google related)
[webmasterworld.com...]
The hyphenated URL's seem to work better for me at obtaining high rankings for the desired keywords, but are NOT GOOD for branding.
Try telling someone your URL, and as soon as you say the word "dash", they forget what it is you're telling them.
A simple, non-hyphenated domain is best for branding.
So, if your domain is only to gain rank, use the hyphens.
If your domain is being used for branding purposes, leave them out.
Both of them going to the exact same web site.
Just make sure that #2, www.keyword1keyword2.com, is NOT listed anywhere on the web.