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I didn't get the bottom dropped out, but I've got one site that keeps dropping down every few months from top 5 to almost #20 for what *I* think is the main keyword phrase, though it may not appear that that's the main one to others. And then it moves back up again.
By any chance, do you happen to know the percentages or proportion of inbound links to the site for the keyword that got the boom lowered on it compared to the others it's still ranking for?
How about the number of pages within the site dedicated to that keyword compared to other keywords?
You can imagine, I have hundreds of inbound links for that search term from within my site and also from other sites. When they link to me they link to keyword.com. It's back up today. It has fluctuated a ton lately.
I have been experiencing the same thing since fri. on one site, main kw-kw combo has dropped to 472 from #1, all other kw combos rank well.
I have noticed it only on DC and it appears at any time www, www2 & www3 are pulling their results from DC.
Most but not all incoming links have the same anchor text.