I have been reading about bounce rate before the end of the year 2008, and there are some notable discussions on the subject matter. The question still remains though. Is bounce rate an important ranking signal? Could it affect your search rankings?

Here are notable posts and discussions in the web:

Bounce Rate as Ranking Signals
Google Says, Bounce Rates For Search Rankings “Spammable” & “Noisy
Bounce Rate SEO Fallacies