I haven't delved to deeply into it, but in addition to being against policy, supposedly keyword spamming actually works against your search ranking on eBay. Something to the effect of the more impressions your item gets without a click-thorough or sale, the lower it sinks in Best Match search ranking. eBay tends to promote listings that have a higher likelihood of selling, and bury (or not show at all) stale listings that have lots of views but no turnover.
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