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Originally Posted by inertia
but i am in a real situation where it would save me serious time and hassle.
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Those are words to be wary of... for one reason or another, you'll probably spend more time doing things the "right" way (whatever it happens to be) later on.
As for the Javascript... I've used Javascript to create "tabs" on a page that display or move behind one another depending on a user's click. So, in that sense, I don't *think* the SERPs would penalize you... though I'm not really sure to be honest. My site's haven't been penalized for using it, but that doesn't mean Google smiles at its use.
The way you describe actually sounds similar to my idea of "Tabs"... which is somewhat similar to AJAX. Being that Google uses AJAX a great deal, I don't know how they determine what is white/grey/black when it comes to text styled via JavaScript. It's all convoluted... so just be careful.