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[edited by: tedster at 2:51 am (utc) on Dec 3, 2012]
There isn't anything "wrong" with the page or the backlinks, but in May it fell from the top of Google's page 1 (where it had been for years) to nowhere. I'm not going to change content that makes obvious sense on the page (and e.g. SI units don't have synonyms), or contact a lot of third parties to tell them to change the "water" anchor-text on their page about water to "H2O". Consequently, that page (still at the top of page 1 on Bing) will probably never return to Google's page 1
Heavy keyword use may cross some threshold and incur a penalty, but changing internal links and/or on-page keyword count and density is only really appropriate if the keyword use was inapproriate in the first place.
I suspect it can have something do to with Christmas and everything but not entirely
Is a Panda refresh now rolling out and are they treating subdomains as if the content is part of the main url?
We know they treat links as internal ones from a subdomain, but is it possible that those of us who used subdomains to tackle Panda, are going to be hit soon?