Exactly my experience as well. I'd love to rate high on my best single word search but in truth most of my traffic comes from dozens of search phrases. These searches bring visitors to various pages on my site and it's my challenge to get them to stay and explore more. While we are waiting for this unusual update to be completed why not concentrate on lesser pages.
Let's make sure all our individual pages have good titles, H1 and H2 info and text. Think about what people who would be interested in a page would likely use in their search. There is much less competition on these lesser phrases and they are more likely to bring in traffic that will be interested in your product or information.
Also we can add new well optomized pages that will be of interest to our visitors. Having many well written and well optomized pages is one of the best cushions possible.
added edit- just checked my stats and dozens is an understatement. People found my biggest site so far this month using 2701 different phrases. Only 3.8% of searchers came in on the single keyword I've been obsessing about. That was an eye opener!
[edited by: annej at 12:51 am (utc) on May 18, 2003]