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maximillianos - 5:49 pm on Jan 16, 2007 (gmt 0)
I was there for this session as well. Tim Mayer finally came out and said it was most likely due to a penalty of some sort.
I remember at the site review panel at Pubcon last fall (with Tim Mayer, Danny Sullivan, Matt Cutts, etc) that one of the sites reviewed had its title in the Yahoo serps in all lower case, and it wasn't that way in the source of the page. At the time, no one could figure out why. Perhaps this was an early instance of that problem.