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I'm about to throw the noarchive onto all of my pages. I'd like to see some basic info such as the correct implementation of the tag, to a thorough examination from Webmasterworld members as to why it's good and why it's bad.
At least once, I've used an offsite cache to recover a few pages I didn't have in a backup. That was a lesson learned. If search engines can't cache your content, how do they examine page content to decide rank? I know this is probably very basic stuff...
I've seen no detrimental effects (that I can measure) and if anything, CTR seems to have improved slightly. If I'm correct about that (and it's not just a coincidence, which is very possible) I have no explanation, other than my entry looking cleaner in the SERPS now that the 'cache' link isn't there.
the "Cache" on the G SERP is really a link to an archive of the page.
the NOARCHIVE meta tag doesn't affect page cacheing just as the Pragma: no-cache and Cache-Control: no-cache headers don't affect web archives.