What Paul considers SEO spam is really just Google RevForce in action.

Here is an example

Would Wash U engage in SEO spamming? I think not. Google has tweaked its organic results to push down commercial sites. Its a great way to encourage users to click on the paid links surrounding the organic listings.

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RevForce Initiative

February 28, 2006

Henry has the text of what Google CFO, Reyes, actually said.

Many people are picking up on the law of big numbers , but the more important thing to figure out is exactly how much these initiatives accelerated the growth rates over and above the organic amounts these last 18 months.

Until you understand how the much the growth rates were juiced over the past 18 months you’ve got no idea what to expect going forward.