tedster - 12:00 am on Jun 8, 2009 (gmt 0)

The discussion last year can be found here:
[webmasterworld.com...]

In reading through, many people felt that the threshold for an "over-optimization" or minus 950 penalty had shifted. In fact your statement of ranking "deep down the serps" sounds like that.

Many of those over-optimization penalties are related to overusing keywords and their co-ocurring terms, especially (but not only) in anchor text on your site. Have you looked at your site from this angle?