Shaddows - 1:24 pm on Apr 14, 2011 (gmt 0)
I'm not sure he would. There are plenty of minimalist sites out there. Google's homepage used to be one of them.
My reading of the off-site reference was that it was excessive white space- or rather, the incorrect detection of such- which triggered the penalty.
The definition of "excessive" is going to be subjective, but I bet its backed up by empirical testing.