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Good thread.
Bounce rate is important simply because of it's increased weight in the post-panda algo.
Not only that, but what if it's just the first step and Google continues to increase it's weight in future updates. From their standpoint, it would certainly make sense to do so as it's a fairly accurate indicator of quality. I think internal linking is crucial and have tried to get an internal link into at least 75%of my posts over the past month.
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