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Based on keyphrases I'm familiar with and SERPs I watch, results for either search seem to be what I would expect for some bizarre combination of the two, skewed somewhat towards allinanchor. In both the allinanchor and allintext searches, there are definitely sites that shouldn't rank in a pure search of their respective targets. The searches intext:"key phrase", intext:key intext:phrase, inurl:"key phrase", and inurl:key inurl:phrase all match up completely with the allinurl and allintext SERPs as well. In some cases allintitle/intitle are close, but not exactly the same, especially for the top 5.
I'm not sure what to make of this so far. Perhaps Google is trying to limit the more SEO-oriented search operators. Or maybe its just an unintentional transient issue. Any thoughts or observations?