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Amazing idea, the problem I see is the possible abuse of trademarks, for example someone could use the keywords "Playboy" or "Hustler" and link to Penthouse.com. Or even worse, add links to illegal sites, use questionable keywords.
It's a great idea, but even with a monster blacklist, there are still many ways for people to "create" pages on your site you wouldn't want to be responsible for...
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