Here is the high-brow view – http://blogs.reuters.com/felix-salmon/2010/03/28/blogonomics-monetizing-readers/ – Chase READERS not Pageviews!
Aaron Wall offered an interesting view on his blog http://www.seobook.com/blog which I can’t locate, and I am paraphrasing here, saying to keep most content just above the medium quality level, and then smaller amounts of very high quality content.
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