Is it worth it? In short, yes.
Is it illegal? No, but the internet is forever changing. An ok blackhat technique can be legal one day, but once everyone knows about it, it usually becomes useless (unless the search engines can use it to their advantage as well i.e. blackhat ppc seo.
Using these techniques may get you banned from using services such as youtube and google adsense. Because these are free services, (if you pay for a service they are less likely to ban you because they want you to spend money with them! ;)).
How do I find out about blackhat SEO?
Google it. When you want to find out about anything, just google it, and before you buy or download an ebook, look on forums, and blogs that aren't trying to sell you stuff or get you to sign up to anything. I don't know why people waste so much money on ebooks... I guess people are impatient and impressionable, like i was (shamefully).
To be honest, i've only spent about an 1 hour on and off researching this without buying an ebook, or joining some magical system (or even a magical system that says it is not a magical system but works like a magical system).
It can be hard to find info on blackhat tricks as no one wants to publicly teach people. Search engines reads articles like these and thousands of others too. They can learn just like us. So blackhat cannot be rushed, although it can save you a whole lot of time and money, conversely generating you more profit and time.
I searched the term "blackhat money making" on google and got 197,000 results. No where many has "make money" but still plenty for one person to sift through. One of the pages that caught my interest was a blog that I am still reading at the moment.
You may want to read the whole page, I did, I wont go too much into the content but it is very interesting.
Heres a link to the blog post: http://www.digeratimarketing.co.uk/2008/06/12/blackhat-seo-tools-scripts-the-digerati-blackbox/
And heres a link to the free download of a nice little arsenal =)
Download Digerati Blackbox Toolkit (51.4Mb)
Im a bit to busy at work and with my girlfriend at the moment to post tutorials for these yet. But I plan to this week sometime, maybe friday when i have the day off.
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