Blah - 10:09 am on Aug 9, 2013 (gmt 0)
I was thinking that to until I watched the video. At some point (3:20) MC says "...so you might not be able to rank for the phrases that you expected to be able to rank for".
That might mean that keywords are being squeezed, or it might simply mean that, because those links aren't counted, you won't get the search performance for those phrases you were expecting.
I'm still confused.