Riddle me this then, got an inner page seo_newsletters now coming up for allinanchor:seo newsletters, and doubt there's any incoming links with that anchor text.

Received wisdom would suggest the underscore would have it taken as one word seonewsletters, but it doesn't come up for that in allinanchor, could G now see _ as similar to -?

matt once said/posted that the - is the better choice, but i'm not having any problems with _ where i'm forced to use it. semantically, g seems to be working out the phrases either way.

I've seen the underscored KW highlighted in results for quite a while, but never seen it appear as seperate words in allinanchor results before...

I don't think that seo_newsletter would ever have been seen as seonewsletter. The underscore is a character and is left in.

Oops, my mistake, anchor text is coming from internal links rather than from filenames :-(

Couple of years ago I noticed some inner pages targeting "SEO widgets" were coming up for "search engine optimization widgets", internal anchor text was SEO but they had the full phrase in their filenames, thought for a while filenames were back in play :-(