I've always been under the assumption that "bad lines" are obvious mistakes like when a book lists a 3 point favorite as a 3 point dog. When I see something like this I usually inform the book of the mistake, and I never bet it. I've also been under the assumption that when a book has a line that's a point off from the consensus that it's an opinion, and I will sometimes bet these.
Yesterday I made two bets on what I thought were book opinions. They were both moneyline tennis bets, and according to the calculator in the think tank they were off by the equivalent of getting a 2 1/2 point NFL dog as a 3 1/2 point dog, or 10% in win percentage. Both bets were cancelled by the book, but only after the lines on my sides got significantly bet down at all books.
To me it seemed like the book was using the fact that they had the best price as a pretext for cancelling bets on the sharp side. That said, I've never been sure on just how off a line has to be for it to be worthy of cancellation. Where should the line be drawn? Were my bets valid?
EDIT: I tried to add a poll, but I ran out of time. All responses appreciated.