Forum Moderators: Robert Charlton & goodroi
The estimates often get wonky when the big G makes back end technology changes, and the recent update seems to have involved exactly that kind of thing. The numbers are buggy for report functions, and more inconsistent than usual across the various data centers.
I too have noticed a correlation between dropping of site: links and traffic from Google.
My site is still dropping though, but I've noticed that in the last week or so, my competitor's numbers have gone up on a daily basis.
From Google Webmaster Tools, I'm noticing a drop in the number if internal links (and the number of linked pages). I've lost about 20% of my internal links over the last month, and around the same percent of linked pages. The number of external links and linked pages have also dropped. This could be the removal of duplicate pages (this is a forum, notorious for having duplicate links), and the stats reported by GWT may have no relation to the site: links either. But then again, it could be Google dropping the lowly ranked pages from the index for now and then re-indexing them at a later time (which might explain why my competitor's site: links are going up again).