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Originally Posted by 28overpar
However, on doing some general analysis of a site that appears on Google SERPs page 1 (and has been there for many months) for a keyword that I am researching, all 200+ are from Guestbooks and maybe only a quarter of them look to be related to their core content.
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I've asked the same question recently:
http://www.webproworld.com/viewtopic.php?t=31496
And I see the same site holding the same serps. Out of 10,000,000 results. What is you niche market?
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Originally Posted by 28overpar
Is this a short term strategy that will eventually be classified as spamming or is this a valid method for obtaining links?
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I wouldn't call this strategy. It is spam. Stay away from guestbooks! The links from guestbooks will go to the recicle bin, someday. And even if you don't get penalized for guestbooks spam, you'll waste a valuable time on the wrong track.