I was thinking about this today...I actively avoid sites with more than a few keywords separated by dashes.
Google has gotten worse and worse for my searches over the past year. Generally, sites with URLs like that are heavily SEO'd and so they may not belong as high as they are and are usually just looking to make money. Sometimes I will check them out, but I find myself being much more satisfied with the results from sites that do not have URL's like that.
I agre with theJack, when going through the SERPS on google I always look at the url and if its really keyword heavy I just ignore it. Even domains with just 1 hyphen I will look at after some other results just because it will most likely be an overly optimized under contented site.