TheBigK - 4:12 am on Nov 28, 2012 (gmt 0)

@TMS: Woah! I never knew I had to be so precise with the wordings. After posting examples that the links were originating from my own site and pointing to bad locations on my own site, I thought things were crystal clear.

I'll proceed with an assumption that since I've fixed all the 404 errors which were originating because of several thousand bad links on my own site, pointing to bad locations on my own site; it's just matter of time that Google will acknowledge they're gone and we've a good user experience. That also tells me I might have to wait several weeks before I see it happening.

I'd take an opportunity to know whether there are any ways of speeding up Google crawling rate (apart from WMT settings) to ensure that Google 'realises' that all those errors are gone?

PS: @TMS - you're a Godsend.

@akk9999: Thanks a lot for confirming!