Anderson Silva is a great fighter, and I appreciate his movement from a sword perspective as he plays more like a sword player than most MMA guys do (Lyoto Machida is perhaps an exception).
His use of 'physical psychology' is great, tiring his opponents out, making them make mistakes, or avoid certain games, both through creating fear (of pain) and anger (at his antics).
Of course, playing the margins comes with it's dangers - feinting and especially baiting work because the opponent believes either in the threat, or that hitting the target you are presenting them with is possible.
Obviously this also means that you are essentially in range, but using your weight shift or angle to evade at the last minute. Get too cocky and things can go horribly wrong.
Here is an awesome piece about Anderson Silva's recent miscalculation by Tim Marchman.
(I like how Tim Marchman writes - he makes me laugh. Here is another piece, this time about Chael Sonnen, which is great AND shows a great gif of Anderson Silva and his tactical prowess - causing the mistake, nice evasion, taking advantage)