tedster - 8:32 pm on Jul 30, 2010 (gmt 0)
Too noisy to use across trillions of URLs as a ranking factor, yes - just think about all the reasons that a bounce might be registered!
According to Matt C, site speed is implemented in a minor way for just a few searches. It's more of a tie-breaker in close call situations. Did you see this discussion? [webmasterworld.com]
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