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1. IF SEO is "about traffic" then what's not to like about traffic.
2. IF traffic is one of the catalysts for "natural linking" then what's not to like about that.
3. PR zeroed? Forever? What IF you picked up the ball and ran with it? In other words, actually improved upon the theme/focus/content of the site that previously existed? So, (A) the site "keeps" the prior inbound links, (B) continues a pattern of gaining new links, and, (C) sends other "signals of quality"? Would a rational, intelligent . . algorithm . . insist on perpetually degrading the link=vote value of the once and still relevant inbound links . . or would a rational, intelligent algorithm "think" . . say, after a year of study . . "the quality votes (not junk links) MUST mean something - by their persistence - otherwise the assumption made at the outset - that they were thoughtfully and cognizantly given - was in error and I (the algo) don't make such errors?
Just some wild speculation about the possibility that even old links to expired domains might just have a second life, and an observation about using the traffic to your advantage. Fiddlesticks to those who turn their nose to the domain because the "PR value of links is zeroed".
I know of a handful of expired domains that have damn good links pointing to them and was all giggly at the notion of being able to point those to a site I have and see dirt cheap and super easy increases in relevance--I don't believe they have much traffic else they'd have been picked up (I could be wrong)...lazy man's link building!
I'm not to keen on the idea of building yet another site, but you may have a good point here...might just try it out and report back in a few months.