I guess it does, at least in the short term. Long term, I'm not so sure. I guess it depends on the context. In some cases, it does seem to work. In others, I would think not. I would imagine Google will penalize you if you spam links to your blog or site, for example. Spamming for products on the other hand, seems to work. I can't imagine why.
I honestly think too many people spend more time trying to find ways to scam/spam/and avoid work than they do trying to create a good business or brand.