Seems everyone and their dog is going after this method in 2010. Thats great. Its one of the few methods that would be very difficult to saturate. There are literally millions of niche keyword combinations for people to capture, the only problem I see is some of us could be in direct competition with each other and not know it. I have seen micro niche sites sitting there with as little as 30 backlinks. Wouldn't take much to beat them back down in the SERPs, however, I personally try not to use that as an approach and try to look for another niche instead. However, sometimes I come across a site with no backlinks and it was just thrown up with no SEO, no effort and sits on the top page. That guy probably isn't even watching the page anymore, if he was he would have built it up better. Kind of tempting to knock it out isn't it?