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So especially for long tail searches, the search engine algorithm stands a better chance of knowing which words are actually related to each other. Sometimes this can affect very important words, such as product names and their descriptions!
Of course I could be extremely negatively wrong.
Page loading times influencing SEO?
I don't think page loading times directly influence rankings. It's widely felt, though, that there's a correlation between the time Googlebot will spend on a site and PageRank, and you might argue therefore that anything that affects crawl speed will affect the number of pages crawled, and this could affect rankings.
While crawl time is not necessarily the same as loading time, there's also likely to be a correlation. But I don't think there's an explicit loading time factor in the algo.