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The strange thing is, the homepage didn't drop much in the SERPs, it's still on the first page for a highly competitive term which took me months of work to get. And there it is, at number five or so, with no description or title, and has been like that for months.
Could this have been caused by the broken link?
I've fixed it now, so we'll see if G indexes it properly again.
I moved some sites a month or two ago, and ended up with one broken link to a page on the site - the page never got put up on the new server. That page only disappeared from the index and lost it's PR, but when I put the missing page back up, it immediately got picked up again. No PR yet, but it will.
In fact. Google goes ahead and assigns a PR value to the ghost page. A neat SEO trick is to create such dangling links to sites or pages that do not yet exist. After a while, when the site or page is actually created, it has a PR value from birth.