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Well its not just how many search results that Google shows for a particular phrase. It can be used as an idication of the competetiveness of a particular keyword, but like Overture, its a rough guide.
A better indication is the number of incoming links the competitors websites have.
But there are numerous other factors that you could take in to account, it depends how much you want to research. If you are not looking to develop the domain yourself, perhaps the competetiveness of a phrase or keyword is'nt too much of a concern.
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