301 or ServerAlias when more than one domain?

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In the case where someone owns a bunch of domain names and want all of them to point to one of the domains, what is the best way of doing this so as not to compromise SEO and other possible issues?

There are a few posts on the net but I figured I might as well ask here also, just to confirm.

Is it best to point the domain DNS records to the main domain then use a 301 on the server to send those connections to the main domain or is it better to use ServerAlias in the web server conf?
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Top Expert 2004
I'm by no means an SEO expert, but it is my understanding that the 301 is the preferred strategy.  Duplicate content penalties will kill your ranking quickly, and spamming a couple dozen domains out into the world is something all the search engines are going to detect pretty easily.

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