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@lewis - I would totally disagree. It's all about the EMD - it will kill your longtail and leave you likely with just the EMD terms and very little more. That is exactly what happened to my 12 year old EMD.
It wouldn't be fair to say that it was just a domain name change for me. I have also radically overhauled the site, tried to boost the amount of content where I can with longer more detailed product descriptions etc and added quite a bit of new content with a guide that relates to my niche. Altogether it's a much stronger site now than it was when we were hit with the google EMD nonsense.
In theory, if the domain's ranking drop was caused strictly due to emd issues (as is this topic is based) then while that demotion may carry on through 301 to the new one it should not 'stick' forever as the new domain is not subject to the emd issues.
We can then go back to the EMD which we (all, presumably?) loved anyway and work on the real issue.
There's enough bouncing reported in this thread after 301 redirecting a non-EMD I think it's pretty obvious there's some mechanism causing it
If the penalty 'follows' then its clearly not the EMD, so might as well look for something else and use the EMD. Which makes sense, after all.