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I think google picks up on bold text and recognises it as a good keyword for the page(?).
So would converting it all to the usual <b> tags make any difference to the PR of my site and position in results on google?
Personally I try to avoid that at all costs but use <strong> and <em> whenever they make sense in the context they are written in.
Google doesn't crawl external CSS so it won't know what you're dooing with those classes. It may pick up the <strong> and <em> tags and weight them though.
Personally, I'd not worry too much about it and just concentrate on making good solid (X)HTML pages that make sense to your users...
Nick
Currently it is probable that Google does not routinely use CSS, as CSS is for presentation while Google searches for content. So I suspect that something boldened with CSS would not be treated as bold by Google.
So you would probably lose the "points for bold" by moving to CSS. Just remember that Google uses over 100 variables in computing the score for your page, so it is up to you to decide whether the convenience of CSS is worth the probably small loss of ranking.
Also note that Page Rank has nothing to do with the content of your page, it is entirely determined by the links to you. So it would not be affected in any way.
After a year of being buried in css topics here and reading the W3C and other authoritative resources, I just did a find and replace on over 200 pages replacing those <span> tags with <strong> tags, there were quite a few of them.
The only time I will use <span> now is when I need to color text in normal mode <span class="blue">. If I need bold text in blue, I now do this <strong class="blue>. I'm using a generic color class so that the blue can be used on various elements.
.blue{color:#369;background:transparent;}
And then, if I need to use the color on any other elements, I can use multiple classes on one element like this...
<p class="sm blue">
That will give me a paragraph with small text that is in blue. I picked up the combined classes here recently from grahamstewart, an excellent tip!
How to specify multiple classes for one element. [webmasterworld.com]
H1 tags, bold, strong, italics, underline and other text styling tags are used by google algo to figure out the importance of the content just like you would convey to a human visitor. However, I would advise against highlighting ALL the content. When you do that, you are really not highlighting anything in effect.