Lack of performance guarantee: All good SEO firms tell you the same thing. They don't control the search engines, so they can not, and will not guarantee results. Some firms however, do offer a money back guarantee.
Skullduggery: Well some SEO's are just plain crooks who will use "off-book" tactics to reel you in and use black hat tactics like cloaking and spamming to attempt to fool the search engines. It is important to research your SEO company thoroughly. These devious tactics more often than not, get their clients' sites banned by the search engines. A case in point is the European site of BMW, which got banned by Google. Considering whether an SEO campaign is what you need? How about a free Search Engine Optimization consultation
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