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It seems that a site rank of 6 or more is necessary to survive. It would be interesting to know if anyone out there has got a PR6 or greater site that has been buried in the latest couple of updates.
My guess is that PR7 or more guarantees total safety, no matter what you do - and PR6 works as long as you don't over optimize crazily - PR5 or less, forget it!
I think it is time to start working on some high quality inbound liks, to get myself up to at least a PR6 - yes, I know I should have been doing this anyway - but now it is costing me money!
I have a PR4 site that was definitely affected by the filter, but after some tweeking, we are still on page 1 after disappearing totally. This is for a very comepetative 2 word phrase. In fact, after sudying what is being returned for these SERPs, I have found sites that have a range of PR from 2 to 5 AND nothing above a PR5 on the first page. These results return 1,380,000 in the SERPs.
I would tend to look more at density and the title of pages rather then PR.
Just my 2 cents...
Title and keyword density don't seem to have any affect on my pages anymore because I have more relevancy than all of the pages in the top of the SERPs.
I'm in a very niche market, and all of the sites that are relevant and useful have dropped.