flicky - 7:12 pm on Jun 27, 2010 (gmt 0)
Yes, I agree that page speed isn't a major ranking factor "yet", but I was in desperate need of a code overhaul and this has resulted in a nice increase in "time on site" and "pages per visit" as well as lowering my bounce rate. As I hoped it would. Google just helped to remind me to get off my butt.
Tedster, your assumption is mine as well... when/if things come back to normal I will report here on the length of time it took so that others can form a strategy for "upgrading" their code in the future.