Great thread,
Be interesting to know more about the target site.
Other tests (a couple here on BHW) have shown some correlation between inbound link effectivenes and various onsite factors (content, age, size, niche etc)
The feeling being that a larger, older, more authoritative site can withstand a far greater number of (what some consider) poor links than a new, content poor low authority site.
The other issue is - longevity.
To really know how this pans out, we need to see how the site is fairing in 3 months, 6 months, a year etc.
A did a similar tactic last year to a site (if you PM me I'll send you the URL) It got traction and moved up nicely after about 6 weeks of heavy linking, stayed up for 5 months, then in Feb of this year (well before Penguin) it dissapeared for 4 of it's main 5 keywords. Interstingly the one that survived (went down, but still page one) was the EMD keyphrase.
Longevity is very important to consider. YOu get to page one eventually - how long does it last? Do you have to keep adding 500,000 links a week to keep it up? Does it fail after a while anyway?
One thing i'm certain of is lthat link velocity for many niches exist. I'm also sure that for some niches..it' doesn't
Likewise a site in a spammy niche is more likely to succeed with spam links than a site in a good niche with spam links?
Why? Becasue ranking is relative and not absolute. If it's a spammy niche and every other commercial site in the niche is linking in a spammy way, then all you have to do is beat your crappy competition.
YOur spam is better than the next guys spam - ergo - you win.
If you are looking for an authority site in a large niche with proper competition linking in clever ways then it's likely that the same methods won't work.
Horses for courses? Worth considering.
Keep going buddy
Scritty