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This theory would explain why Ink traffic to individual sites climbed from February 2002 through July 2002, then crashed in August with their big update, and has been followed by various levels of growth again since then. Slurp has been active at new sites recently (at least new ones that are three or four months old) so I think we are on the eve of another batch update, which could be followed by another big drop in traffic as a new cycle begins in the boom/bust batch process.
My theory also suggests a six month cycle, with the booms occuring at peak commercial traffic times (new sites, weary of waiting for a free listing, are more willing to buy their way in during a feeding frenzy, like late spring, then again for the Christmas holidays) and the busts occuring when the commercial traffic ebbs (August and January).