I've never tried cloaking before but I probably will one day. When I was playing around with the classic mobile/pops combo (the usual verticals: sweeps/AV/installs/Casual Dating) I noticed in Adplexity pretty much ALL the landing pages that had been running for more than a week were either very borderline compliant or off-the-charts aggressive. I find it hard to believe that affiliate managers are blind to the fact that a majority of their converting traffic is coming from cloaked/non-compliant pages. If you're new at this game and you're not willing to risk burning bridges with one of the most important relationships affiliate's have (the networks) then you're operating a huge competitive disadvantage if you are limited to compliant landers.
So when it's time to cloak what is the best approach? Don't ask/Don't tell? Do other people actually discuss this openly with their AMs?
I'd love to hear from some actual AMs on this topic though I understand it would be difficult for them say anything publicly other than "don't cloak it's evil and we'll ban you". But perhaps they could answer this question at least? Do you think that majority of your converting traffic in these verticals is really coming from compliant landers?
There are several factors that play into this equation. GEO, traffic type, offer type, payment processor, carrier, merchant.
Best, build an relationship with your AM and when you start running an new offer ask if it takes aggressive.
Or just do it, which in the worst case leads to non payment of any leads (if stated in the offer terms). When just doing it, get quick payments terms before ramping up.
This is a sensitive topic, don't expect AM's to really give you an answer on a public forum.
Affiliate networks are "between two rocks" in this situation, on one hand, they need affiliates that can send volumes and convert, on the other hand they also need the advertisers, otherwise they will have nothing to promote.
They need to walk on the fine line here, which means that they are effectively turning a blind eye on the rules breaking campaigns but at the same time, they need to keep it at a level that is acceptable for the advertisers. So while they are not going to actively hunt for your incompliant LPs, whenever an advertisers finds them on their own, don't expect the affiliate network to cover your ass. (unless you have special relationship with them 
As someone who runs traffic internally for one of the biggest mobile ones in the world I can tell you networks only really care about 01) their profits and a very close 02) the quality backing out for the advertiser.
Thanks everyone for the responses. So the general theme that Im reading here is it's ok to have an open discussion about this with AMs (privately). It's an issue they deal with every day so they're not going to lose their marbles if you ask about it... Good to know.

Sounds like a 'read between the lines' kind of thread! 
I asked this question a while ago as like you I found an offer that was being ran and presented the same LP to my AM for the offer I found and they kindly asked for certain things to be changed.
To be honest, I'll give you the network's perspective.
If you're gonna do it, let the AM know. They sanction it or roll with it - you're protected and you'll be paid out regardless. If you don't let them know and you're caught running something uncompliant, you're giving them all the reason not to payout as they will not be paid by advertiser.
An AM will consult with their Bus Dev and assess the following risks:
- Who is the Advertiser, what would they think?
- What GEO is it and what are the Punishments/Potential Implications.
- What is the history with this particular affiliate, can they be trusted?
The more you disclose to your AM, the more protected you are. Period.
^Eoin tells it like it is. He'll let you know which offers you can push boundaries for and which ones you can't.
Thanks for chiming in Eoin! Nothing like hearing it straight from the horse's mouth! 
Amy
Well...
Ask your AM: "Hey, what would happen if all of your Young Hungry Narcissists stopped cloaking and started promoting AliExpress and Academic Singles (50+) for the day?"
Using the supplied creatives, of course.
*two days later*
"Wait, hold on a minute. You've cancelled the afterparty?"
I just wanna take a moment to acknowledge all of Amy's disclosures! I love them! (yes I totally get why you post them kudos!) Great thread too.