europeforvisitors - 1:24 pm on Sep 23, 2004 (gmt 0)

You all talk sites. I think it's pages.

I think it's both. Look at the way Google serves ads on its AdSense network: When it doesn't have ads that match the topic of the individual page, it serves ads that fit the site's overall theme. If Google can do that, why shouldn't it be able to determine a site's overall theme for search purposes?