One of the sites that I run had 352,000 pages indexed by Google and today its showing:
"Results 1 – 1 of about 352,000" when i use "site:"

here's the search:
http://www.google.co.uk/search?hl=en&q=site%3Abooks.global-investor.com&btnG=Search&meta=

what does this mean?
is Google dropping my site , or is this just a sign of Google in the midst of reindexing?

Google didn't show very similar results, probably because your pages have identical META tags or similar content at the beginning.

"In order to show you the most relevant results, we have omitted some entries very similar to the 1 already displayed.
If you like, you can repeat the search with the omitted results included." Click on <<repeat the search>>.

this is a new phenomenon though. my site has been around since the late 90s , and has always been heavily indexed by google.

and my meta tags and <title> tag are different for every book title that we sell.

and i'm not the only one – i've just noticed some threads on webmasterworld discussing this.

check this out

site:www.yahoo.com

http://www.google.co.uk/search?hl=en&q=site%3Awww.yahoo.com&btnG=Google+Search&meta=

look at all the *sub-domains* that are appearing.

very odd.

my problem might, just might, be something to do with the googlebomb algo change that happened recently.

matt cutts makes some comments on how to reduce the impact of the change if your rankings are affected:

http://www.mattcutts.com/blog/algorithm-to-reduce-googlebomb-impact/#comment-95036