The spider (GoogleBot) is quite clever at stripping pages of all the coding tags etc and then retrieving what's left for inclusion within a Datavase. This stored content taken from your page is predominantly the "On Page" visual text. The really clever bit is the Google Algo that then rates that stripped down content according to how relevent it is to the question asked by the Searcher. As KP says the old factors such as KW Tags are now ignored, although I am of the opinion that they are can give a negative loading if stuffed with words and phrases that don't actualy appear on the page. Now there's a thought.
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