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I've also noticed a big discrepancy recently between my stats and page impressions recorded by Adsense. No, I'm not getting confused between genuine traffic and bots, I'm talking about real referrals from Google, Yahoo searches etc clocking up far more page views than Adsense is recording. The only difference, is a big increase in searches from visitors with IE7.
I can only conclude that the two are related - and a big proportion of IE7 users are also not seeing any ads, hence the big drop in Adsense page impressions.
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