Interesting thread - I have three new sites on the go and I am mainly doing things the whitehat way now (for fear of getting slapped).
Here is my day to day actions:
I set up Google news email alerts for my niche. As soon as the alerts come in, I head over to the sites listed and if I can I leave a decent comment. For the website anchor text I use a mix of my name or keywords I am targeting, or a naked URL. I then make a note of each anchor text to make sure that no keyword has a density over %50
I create web 2.0's, but instead of building them using automated tools with spun content I am actually putting in a bit of effort to make small sites. I don't create single page web 2.0's. Instead I build each one into a micro site by creating a few posts with news quotes on the niche with a little intro and summary text around the quote. I also post up videos and so forth. When they get to four five pages I leave them. So not a mammoth amount of effort, maybe 2-3 hours each.
I do the same for wiki's to as I do with the web 2.0's.
Next is social stuff...
Previously I would do hundreds of bookmarks each time with sick submitter or fiverr. Now instead I have a facebook page that I create for each site. I also have bookmark buttons in my browser for stumbleupon, pinterest and delicious which I use for every post. I get a few fakes on the facebook page and then slowly you start to see others like and subscribe (one way of helping this is find pages in a similar niche and start posting to there wall).
I then set up the posts in socialadr. Socialadr is good as its real users who submit your site to decent bookmarking sites (like delicous).
Finally, if I can, I create a subreddit for the niche. You can then post your posts in there, but I mix them up with posts from other sources too. Being that you created the subreddit, you also have moderator rights, so you can place a contextual link into the sidebar.
It's taking longer then before to work this way, but my hope is that out of these I might end up with an authority site or two which could become something that banks a bit of money.
Don't get me wrong, I am no do goody whitehat SEO type. I am a lazy git who would prefer to just automate my SEO efforts, but I am just too nervous to do that. I have two good sites which are blasted out beyond 1000+ through automated efforts, so instead I am just going to keep slowly building each day until we are sure of what works.