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Msn is crazy anyway. I went to them not too long about with a proposed budget exceeding 500,000 per month. Have yet to receive a call.
We have noticed that they are not always pulling the Overture listings so simply advertising here may not get you your top rankings. There is a thread on this under Pay Per Click.
Since we still get very good volume and ROI from MSN (yes we may be odd, but it is our third largest traffic generator and still barely shows up in our budget.)
Here's the deal. Top three listings are usually Overture, but as said, they are not always there. Next listings are web site matches from LookSmart. I've noticed that for my sites, they really only seem to pull multi-word phrases and they must be in the description consecutively. So, if you want to get a high listing on MSN for "blue widgets", you have to say we make blue widgets as opposed to saying we makes all types of widgets including blue ones, red ones, etc...
This really limits how many key phrases that you can go after and I have had no luck with one word keywords unless they were very uncommon words.
After that, I have not really analyzed the web page matches. Since all of my sites are in LookSmart and Ink, I don't really have to figure out whihc one is getting me the rankings here.