"You may
perceive a benefit from changing your file throughout the day as you may see less server load from some search engines on your site, but this behavior also works against you," he says. "When the
crawler returns it does not retry fetching the content for URLs previously disallowed a few hours ago and the crawler may fetch content outside of your new directive as the crawler may be using the
previously cached robots.txt file."
So you get content indexed that you may have wanted to hide, and a crawler that might ignore the things you actually want searchers to see. Andrick posts an example of a Web site that was seemingly not being indexed by Live Search, and shows how a dynamic robots.txt file was keeping all of the site's content (including items like the homepage, products pages and ads) from being crawled.