Nearly three weeks ago, after the FRED Update I started a small test to see if a crappy links build by GSA SER, do have any effect I am using a 2 year old site, with quite a bit of content, but without any links. The Site is ranking Google page 1 and gets hit by 100 daily with different variations - Exact Match Anchor - Branded Anchor - Random Anchor - Porn Anchor - nacked URL On different targets: - Main Page - Inner Page - Inner Page with adult content And from different sources: - Forum Profiles - Articles - Blog Comments - Wikis What I can say so far. Nofollow links don't do anything. Regardless which anchor or where they came from. Branded, random or nacked URL have very little to no effect. Also if you are targeting your homepage very little to no effect. However, exact match and porn anchors dofollo links on an inner page are pure dynamit. If you are targeting sexual oriented content, with do-follow porn anchor it will get deindexed practically immediately. Porn Anchor on non-sexual content shows little to none effect. But exact match certainly does. Here again google dance started practically immediately, disappeared for two days and bounced back to it's exact position. Stayed there for another two days and now starts slowly loosing ranking. Conclusion: G got smarter on matching links with content. However if they do match, they count initiate a G dance and bad links will slowly decrease your rankings. Stay tuned, for more information.