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I would never do this, Im just curious. Its actually very cheesy because you clearly see the other page load for a split sec.
My question is this: Is that tactic considered spamming or cloaking by the engines?
I think it would be seen as an attempt to influence the SE and therefore not fall under that particular SEs guidelines. Is it spam? Probably. Is it cloaking? Who knows. Spam and cloaking are two completely different venues although one usually compliments the other. But, not in all cases. ;)
If you can see it, so can your competitors. In this day and age it appears that there are many who will quickly report abuse such as what you describe. So, if you want to take the chance (not you personally), then you take the chance. Is it worth tarnishing the brand? Is it worth the risk?