The definition of Cloaking

according to Wikipedia found here:

http://en.wikipedia.org/wiki/Cloaking

"Cloaking is a black hat search engine optimization (SEO) technique in which the content presented to the search engine spider is different from that presented to the users' browser. This is done by delivering content based on the IP addresses or the User-Agent HTTP header of the user requesting the page. When a user is identified as a search engine spider, a server-side script delivers a different version of the web page, one that contains content not present on the visible page. The purpose of cloaking is to deceive search engines so they display the page when it would not otherwise be displayed."

OK, to me even though cloaking is noted as 'black hat' SEO, creating a white hat SEO page is not always the best page for conversions. It is my oppinion that cloaking a page that is based on a keyword that a user searched for in a search engine but not what the search engine sees is fine.

With that said, creating an SEO optimized page for a retirement fund and then cloaking them a page that sells websites  is not OK.