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On the 25th Google put a post up on their blog: http://googlewebmastercentral.blogspot.com/2009/11/hard-facts-about-comment-spam.html.
Reading between the lines it says that if you spam comments — you will be de-indexed.
Used to be that they would say that nothing your competitor did could hurt your site. Guess that means that no one would possibly want to do damage to your site so they rank better than you right?
No longer will you need to worry about a black hatter outranking you — now for sure you just got to worry about the same fellow getting you de-indexed.
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This post was partly tongue in cheek – Google can’t de-index every site that has comment spam linking to it — or just a few of us could really de-index most of the net in a few days