I read a couple of days ago an interesting post by Bill Hartzer regarding the time it takes for link attribution to take effect on an almost dead website, that receives a high pagerank inbound link.
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How a Blogroll Can Still Kill Your PageRank
Navigational elements on a blog or any website are an important feature, but you should be careful not to take things to extremes which can hurt the progress of your site, both from a SEO perspective and for website conversion.
Read more on How a Blogroll Can Still Kill Your PageRank…