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>mostly of text and only 2-3 small graphics?
Gifs themselves are bad. We are only concerned with the code size of the HTML. Graphic sizes don't work into the equation except for the user.
>What should be the limit
When you get above 40k html, there's some evidence that some se's will down grade the page from what it could be.
After that, you have to make your own call based on the users you are targeting. If you are after the Lear and Porsche crowd, you can bet most have a high speed connection and can get away with that 4meg flash on the home page ;-)
>sites with more than 4-5 page of scrollable text on home page?
PR still trumps all and can even overcome size problems. Part of the problem is with those large of pages, it is hard to hit a quality density on the page and you work yourself out of the game from that standpoint too.
i have found that 10k is a good target, and i have had some success with around 5k,
re the main keyphrase in an area i watch very carefully there is a new entry website at position 5, which weighs in at 2k
Your site must have a reason to exist. If you can find the reason why your site should be there then you will serve both people and SE's. In other words, what value do you bring to the table.