too_much_information - 2:27 pm on Oct 24, 2003 (gmt 0) Proves it to me.
I have proof, My site was #6 in a listing where I had a high keyword density. I decided to target a different set of keywords so I adjusted the density of the page so that the other combination would have a higher density. Result: I'm no longer #6 on that search even though my page still includes the keywords, just at a lower density. Now I'm on page 2 of that search, and unfortunately also on page 2 of the new set of keywords.
Proves it to me.