I don't think phrase position improvement means much.
Really?!... One of the most important phrases for my site hasn't got back to #1, and is still down at #9... that only brought 20 or 30 new visitors per day when it was at #1, but it was super high quality traffic, laser targetted, going to great content, and was very sticky. It's those low volume, highly important ones I need back... not a bunch of cruddy traffic to forum threads that immediately bounce away from the site.
[edited by: Asia_Expat at 2:49 am (utc) on May 10, 2011]