Non hyphenated vs hypenated names

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I've read on Matt's blog on many occasions where he points out domains which have multiple hyphens, as spam sites.
Please keep in mind that I am not saying having a single hyphen is bad. Two is probably ok too, but once the domain has three or more hyphens then it would at least be suspect in my book. I personally would not click on a link which has a multiple-hyphen TLD. So even if the search engines don't see 3 or 4 hyphens as a problem, why risk not getting someone's click?

I work for an SEO company, and do optimizations. My experience has been that hyphenated domains don't do as well. We don't even accept sites with more than 2 hyphens. 99% of the time the hyphens are there for keyword spamming.