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Google Slams Paid Links? Good or Bad?

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Another presumably as a penalty for selling links.

reactions around the web fall into four categories. Again... these are not my opinions, just a synopsis of what I have read from hundreds of comments in blogs, articles and forums.

1. Google Is Justified
This should come as no surprise, after all Google warned us. Paid links hit at the core of why we all love Google ... its quality search results. Google is perfectly justified in taking steps to protect the integrity of its Google's search engine and they can do what they want in order to keep it great and even improve it. Google's search engine. It was us who made you rich Google!  One blogger called it a Google "bitch slap!" Is Google retaliating against me for criticizing them in my blog?

Is Google the next Microsoft? All of us lowly web peasants should ask forgiveness from our beloved Internet King! Google, you are a competitive monopoly who should realize that your actions impact the livelihoods of thousands of Internet entrepreneurs.
Will pleading help?

4. Denial and Deflection
This is only part of an overall page rank adjustment. When the dust settles my page rank will be back to normal. No one should pay attention to PR anyways, it has nothing to do with the value of your content.

Google is doing this for show, it is not at all reflective of their internal page rank used in the search algorithm. My Do you agree?
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Is Google justified with lowering the page rank of sites that sell links because it messes with their search results? Or, is Google out of control and simply protecting its turf as some have suggested? Should Google quickly reinstate the PR of sites that stop selling links? Does page rank really matter anymore? Will a lower page rank eventually cause a drop in traffic?

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