Yeah, Google isn't perfect, it doesn't always detect all the spam sites. And spam can rank well for YEARS before Google catches onto it, that's what it was like before Panda & Penguin rolled out. But if it's a keyword that gets a lot of searches, Google will eventually figure it out.
One strategy that can work is to use grey hat tactics to get good rankings in Google, and then leverage that ranking position & traffic to get higher quality links. This can help cement your rankings so that once the low value links get devalued, you still rank well because of all the quality links you acquired afterwards.
Another tactic is to build an intermediary layer between the spam links and your main site. This way, even if the sites you link to get penalized, you have a buffer site insulating your main one. You can also create multiple layers of buffers to reduce your risk of being penalized.
Anyway, these are all things I would never do with a client site, but you should give it a try if you want to learn more about greyhat/blackhat tactics 
