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I don't think the retention time (bounce rate) has that much of an impact, at least not yet. I've put disable back button code for surfers (but not bots) to increase the retention time and it had no effect on rankings. It does make sense to me though to use that as a guage of relevancy but its something blackhats could abuse pretty easily (faking a hit to google search and another fake hit to your site).
WG
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I play with Google.
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