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I don't think the IP address means much; there are only 4 bn of those available, and going on 7 bn people alive now. Half of them with access to the net? And a lot of people have lots of web sites. So, eventually, we're going to run out of addresses. And most sites are probably carried on a shared host. So I don't think that will be a problem.
But the duplicate content filter will. Eventually most ( hopefully not all ) of your domains will fall into the supplemental index, a graveyard to former sites. You might get some short-term gain until the search engines work it all out, but it won't last more than a couple of months.
Another drawback is that if you collect links to all of your different domains, you're splitting the effectiveness of your whole campaign. I started my site as LandscapePhoto.us, and then started doing portraits, so I changed it to ForrestCroce.com, threw up redirects ( 301 ) and I'm just starting to see my Google referrals climb steeply. I think a lot of that is because my links were split between the two domains, and now they're starting to consolidate.
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