Then IMO it sounds like you might need a serious redevelopment if you hope to compete again for Google traffic. Surely the search results pages are lists of content pages, right?
Hey tedster, thanks for your reply. Let me elaborate - my site consists of product pages to buy a widget (which are affiliate links) and search results pages which are pictures and links back to the product pages. There are also some hand curated lists and ways to browse through the site by category etc.
Since the product in our niche can range across a variety of topics such as movies and TV shows it is common that we have something for just about any popular "keyword widget". So these pages are dynamically rendered but could just as easily be considered "category" pages for a typical ecommerce store. Also, if you take a look at some of the biggest comparison shopping sites it is common practice for their search results pages to be some of the most prevalent in the SERPS (at least before Panda). This may also be related to why comparison shopping engines in general took a huge hit b/c of Panda... but there are still a few giants that seem unaffected.
So at this point I have a ton of long tail keywords combos of search results pages in the index. I am considering something drastic at this point such as either noindexing them all and 301ing just a few of the most popular to category page equivalents (basically same thing by a different name), or just noindexing 95% of the current search results and just keeping the most common / popular. Any insights would be greatly appreciated.