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Some other on-page areas I'm exploring:
1. Reading level (Google rolled this information into the SERPs after they started work on Panda this past year)
2. Semantic richness, as detailed in the phrase-based indexing patents
3. Spelling and grammar.
It is interesting to consider whether a machine trying to judge the quality of a page would conclude that an article with long sentences, excessive punctuation and lots of long words (presumably the main factors that constitute 'advanced reading level') would in all probability also be a poor quality article, for example because spam, spun and auto-translated page share the same attributes.
could also conclude that grammatically correct complex sentences, and a consistently complex style are likely to be the work of a competent human author.
...sites with 'advanced' reading levels of more than a few % had been pandalised.
On my planet a competent editor will not tolerate needless complexity.