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I have posted some reflections on this and related topics at the Webproworld forum under the same nick.
Kbleivik
I agree with a post here: Now my site has the same pagerank as all the professional sites on the web.
I think regardless of what happens, this is going to be a good thing for the SEO and webmaster community, whether it's simply a wake-up call or a revolution of the way we do things.
We cannot be so foolish as to depend on a single company (Google) for the livelihood of internet marketing.
Perhaps these thoughts seem feeble and philosophical - yes, there is an entire industry that could potentially vanish or have to make some drastic and immediate changes in order to survive - but we have to evaluate the purpose of search engines altogether: relevent content.
As seo's, webmasters and martketers, are we basically riding the tailcoat of "whatever seems to work best", or are we actually developing a long-term, content-rich and useful campaigns for ourselves and our clients?
PR may be dead (or it might not be), but the point is that effective marketing is not, regardless of search engine algo's.
Just a few thoughts...
-CR