I still do the odd 301 redirect if I can catch a good drop and if the domain in question is relevant to the recipient site. im pondering catching a two word domain which has one word the same as the site im going to redirect to, however they are on different subjects. do you think google is intelligent enough to know they are on different subjects? or would the presence of the word alone be enough for an SEO boost? I dont do off-topic 301 redirects as I dont believe they have much effect, but I'd love to hear if anyone feels different.