Well the tile says it all....was curious about this for a little pet project....
I do my fair share of paid traffic tom-foolery.....I was wondering about this relm....
No need to give out trade secrets...was just curious about longevity of results....esp with the latest goog updates...
Thoughts?
ive done it many years ago, using the old "SEC" cloaker. not sure how much has changed since then, its been awhile. I know there is still an active community using fantomas cloaker, and they seem to be king these days in that realm. ive heard really awesome things about fantomas, but have no first hand experience with it myself
This was how I started out back in the day building fake search engines and cloaking them. Its a tough business and like everything you have to have the best tools and the best system in order to make it work.....I was just playing with it as I didnt have the skills or knowledge to do it properly.
You have got to do it in a churn and burn style building literally hundreds and thousands of pages and getting them indexed and ranked. They mostly get found out eventually so you have to keep them on seperate hosting/ IP's in order to avoid footprints for google to deindex the whole lot of them. You also need a massive link building network to throw links at them and again a system to oversee all this.
The top guys can automate the whole process from money page creation to creating the subdomains, uploading the content, building links and everything else involved, so you need some good coding skills to put everything in place with your own scripts.
There are several ways to monetise the sites, from pulling product feeds to create a 1000 page affiliate site, to the fake engines, and then possibly CPA landers. Of course there are a million and one ways and everyone does it differently. Personally I would never do it on any page you would want to keep long term just on the outside chance it gets deindexed, so no cloaking on your main quality sites like the old days.
The only cloaker worth looking at is fantomas shadowmaker, everything else is crap and will eventually get caught. There is still a chance of getting caught with shadowmaker but it is a lot less than anything else. It is available at http://bseolized.com/products/47-shadowmaker-details but the price reflects the quality at $3k. I still know the guy who owns it now and could probably get a discount for anyone interested.
Theres a few private forums about that talk about it but the main one in the day was syndik8 forum but its tough to get involved and it makes wickedfire look like the noobs best friend. Ralph who built shadow was a member there and there are some pretty sick coders on there ......plus just seen a few of the members from here over there 
It used to be easy back in the day - the day being 2004/2005. TrafficEqualizer made many plenty of $$$. But back then search engines were much more heavily weighted towards on page factors. Things actually seem to be swinging back that way a little, but off-page is still such a huge part of the algos that I'm not sure there's much value to cloaking any more?
SEO cloaking is still pretty easy to do. Their anti-cloaking bots aren't as smart as Google would like you to believe.