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I continue to wonder if those of us who were hit by Penguin on April 24th, are chasing the wrong things. It has to be more than just links and onsite SEO that booted our site to the curb.
We're very much "end of results" (-950) for most queries we ranked top 5 for a year ago. Some of the pages do not even have many backlinks, but dropped from #1 to end of results on the longtail searches that inspired visits for the previous 2 years.
According to Cutts, penguin is mostly about links