Farking brilliant paper of how spammers operate: The Rise of the Spammers; this elevates it to a whole new level, i.e. this is hacking, not just pesky mailouts. This is a business model set-up around stealth and binaries, and it confirms the paranoia of, well, all of us really :)
Definitely worth a read, for both a glimpse into just how big spam has got, and for the fantastic technical analysis.
Damn, I'd love to get into this stuff more.