SInce Panda, We have seen our home page drop from #2 in google.ie serp to page 3 but it  has been replaced in the same position @#2 by our relevent sub page for the keyword that we ranked#2 for. Is this a good or bad thing from and seo point of view and is it better to have deep pages show in serp rather than the homepage of a site and what is the best line of action from here in relation to seo. Is it best to work on subpage or home page for that keyword and should link building for that phrase be directed towards the subpage or the homepage as the subpage is obviously more relevent in googles eyes for the search term. It is clear that all areas of the site should be looked at in relation to link building and deep links etc but now that google is obviously looking at relevancy very closely should all campaigns be sectioned into relevent content managed sections and the site likewise and treated on an individual basis. Any help that you may have would be very welcome. Paul