Honor's in the dollar. If you use BH techniques, you will be more successful than your typical white hat stooge writing linkbait articles, leaving relevant posts on blogs, begging for links and guest posts. Until [REDACTED] enforces the rules, there are no rules.
That's not to say that using WH methods won't improve your success. Putting in name, address, phone number (NAP) on every page helps, submitting to social bookmarking services and RSS directories also helps and it's better for the long term. But doing WH shit isn't good because it's "right" or "honorable" or even effective. It's because it will help prolong success.
EDIT: But you should also draw a line at stuff that's actually illegal or would intentionally hurt your clients. You might get 200 bucks for creating a shitty flash-only site for for a client, but I think it hurts them in the long run w/ SEO. I personally wouldn't do that stuff. Stealing people's info, cookie stuffing, etc. That stuff is illegal, unsustainable and just really not good for anyone.