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actually just posted about my 404 experience on netpond...
in short, I have a setup - all my freesites categorized by niche - one niche
/ one domain. all 404 goes to the root of domain with the rest of my free sites in that niche. I once tried to redirect 404 from all domains to my link-list... result about 20% loss in total revenue for the time of the experiment.
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