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From a link building perspective, many sites (especially directories) will only link to the company name, so dashes have a real advantage.
I think they look ugly from a branding perspective as well, even though we chose to use them in the Apogee Search domain. We did, however, buy the non-hyphenated domain name as well, and mirrored it to the main site.
Not a perfect solution, but catches many of the problems.
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