I don't believe in hats. All SEO is blackhat, just look at Google's webmaster guidelines where they say it is a violation for any "activity intended to directly affect search engine rankings" or something similar. That's any SEO. All this black/white/grey/blue/purple hat shit is just an arbitrary definition to allow someone to feel better about themselves.
There's a line I won't cross, beyond which would be considered criminal fraud. Everything else is fair game. Do I feel sorry for the misanthropes who are snared in ewhore because they like the underaged picture on craigslist? Or the person who thinks that a bottle of Acai will let them lose weight while continuing to slam Big Macs and remain on the couch in front of the TV? No. All marketing is based around separating stupid people from their money.
My personal stance, using the traditional definitions of black/white/grey, is that if you're not doing all three you're leaving money on the table. Blackhat is good for quick hit cash but you run the risk of getting your accounts suspended and your money seized, no matter how careful you are. Whitehat is more stable, but much more work and money to get set up to the point where you can make a profit.
My personal gameplan is to get blackhat money I can roll it back into whitehat sites. I want to get to the point where if all my BH money got seized for a month I'd still be making a good living.
Diversity is key in any business, and it's 10x more important in this one.