dickbaker - 1:07 pm on Jun 3, 2010 (gmt 0)
I'm watching several phrases in several very different niches. What I've noticed in the last week or so is that all of them seem to have stabilized. There may be some movement from #5 to #4 and then back again, and a new site popping up on the first page for a day or so, but there's not the level of churning that there was two or three weeks ago, where half of the first page was disappearing and being replaced with something completely different.
Sadly, these stabilized results still have sites that shouldn't be on page one (MFA, cloaking, etc) in stable positions now. I hope they're not here to stay.
It seems like the sites on page one are either well-established sites with lots of traffic and links, or smaller sites that have the keyword in the URL. Some of the keyword URL sites are outranking sites with more traffic, pages links, etc. Seems like a cheesy way to get to the top.