Yes, and that's precisely what I'm seeing in results #5 - #10 for my keywords. Ancient webpages making it into the top 10 because they contain a link or word about the topic (but no other on-topic information).
Yeah I too feel the same, the bias towards bigger sites, as I mentioned before. I wish Google will give more weightage to content of the page and it's relevance instead of the site on which it is appearing. Anand