@gouri, I think it might help. I had an italicized and a bolded keyword phrase in most of my first paragraphs. I eliminated them and I saw an increase. It seems like every "optimization" technique used on a page is counted and if it goes over a certain score, you get penalized. If you have too many pages that go over that score, then the whole site gets penalized. I am seeing increases across the board and not just on over optimized pages.
To give an update on the test, everything was working great until this latest batch of updates the last week or so. I am still hanging on to see how it all filters out.