I have to laugh at some of the replies. If you are standing in a creek, do you care if the water goes to your left or your right as long as the water goes around you? Here we are on a black hat forum and people are complaining of the use of black hat methods?
In general, any attempt at blasting keywords to the competition will only help the competition. I know that many will disagree with that statement. In response to that objection, I have put an 11 megabyte file of neg SEO links that an unknown person did to a site
here. The spread sheet contains 50,000 links attempting neg SEO. The site it is attempted against is obvious. The only thing I have seen is that it helped the site. My conclusion is that neg SEO is a crock unless against a very weak site.
However, blasting keywords at a site can and will limit the usefulness of those keywords in the future. When you blast keywords with your competitors domain, just about every block list will pick the keyword, the comment, and the domain being linked to up. In the future, that keyword, domain, and comment may be automatically blocked or sent to a spam folder. Therefore, if you want a maximum effect, you want to use AA lists that have been spammed to death, have high OBL's, and use a comment list that has been spammed to death. You can find these all over. This can affect you though if you are trying to rank that keyword, but it is a method of denying the keyword to the competitor.
Now you build several high authority blogs/web 2.0 sites building up you contract and you link to those sites to your contract. You build links to those pages with different keywords to hide the footprint.
In otherwords, you use both black and white hat methods. The water parts on both sides of you.