This is a hot topic on the net, and it's tough to get reliable info from people who are not BSing you ... so let me give you some hard numbers to chew on.
What we all know is that CONTENT is what's king in a website, the spiders who visit websites from the generic search engines (like Google, MSN, Yahoo, etc). go to billions of sites frequentrly to keep their data fresh - with the right web tools you can see them peak at your own site!
Last week for example, our website was visited 1,291 differrent times by the spiders where they looked us over.
This month to date search engine searches found our website many times, we ended up on page one for most searches, in the top 5 or 6 frequently and one or two about 20% of the time -- remember your ranking can and does change DAILY ... what words or phrases would you think people would use to find us (for example)? ... here they are EXACTLY:
... now before you look, let me tell you I was surprised at many of these myself -- this is absolute proof (to me) that the spiders read every single word on every page in our website. This is about 25% of the searches done which resuted in visitors landing on various pages of our website - more than 70% were from google BTW.
So ... the CONTENT really does matter
Query
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