The Frugal Dad did a piece on using 0% credit card cash advances for profit. His analysis is spot on: It's not worth the risk, and it's certainly not worth the time and headaches.

Credit Card Arbitrage Not Worth the Risk | Frugal Dad

Here's a “pro” arbitrage article. It's really not worth the time, in my opinion, though when I was mired in debt, it sounded like a great way to “stick it” to the credit card companies. They often found a way to stick it to me…but maybe it was just me and my lazy way of doing things.