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This means the links that have generated the PR, will not be relevant and therefore will not give you strong SERP's moving forward for your intended keyword targets.
I base this on my suspicion that the theme of a page/site linking to you effects the PR weighting in respect to search term relevancy.
Just an theory.
I've seen no evidence Google does this at all. However, if most of the links to the domain have "widgets" in the anchor text, and your site is about purple penguins, obviously this is nowhere as good as if you could find an expired domain many sites link to with "purple penguins" anchor text.
I have a client whose domain expired, but we renewed it. Will this have any effect on our site? It has a placeholder page up right now, and is should be back up soon. It is unfortunately not up during this crawl though.
How negative will this be?
You'll be out of the index for a month or 2 but should fully recover. GG's comments on expired domains are related to the potential that the previous owner had a penalty on the domain. Your situation sounds no different than if your server was down during a crawl.
See GG post#4 [webmasterworld.com]
See GG post #4, another thread [webmasterworld.com]
rmjvol
If you compare SEO today to how it was three years ago, it's pretty different. And I believe it will be different again in another three years. In just a short time, I'm amazed at how much of "typical" SEO has moved from a certain set of specialized skills (e.g. building doorway pages) to a broader range of full-service offerings such as PPC bid management or consulting on site architecture. And I think it's a good thing to see that transition taking place.