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Without knowing the terms, or the type of content it is hard to say what would work best. I know that if you rank well for the topic in general you will rank well for localized terms using localized landing pages if each page has unique enough content. So if you rank well for Blue Widget Company, and you setup a section of the site for "locations" or "Service Areas" and then build out a "Dallas Blue Widgets" page that talks about your location in Dallas, your contact info, and staff that serve Dallas, and Maybe a short story on what you have done for people in Dallas you should do relatively well. From there you can link back to your generic "Blue Widget" page. Obviously the success of that strategy will depend on how competitive each market is for that term, and probably on how unique your regional content is as well. If there is anything to be learned from the panda update it should be that going the route of serving the user with your local content is Key. So providing "service areas" and then creating somewhat unique content for that market should be a good way to go. This also helps you consolidate all of your links. I would rather spend time writing 50x unique pieces of content than try to get good links for EACH site. Just my thoughts anyway. EDIT: This way is also MUCH easier to track in analytics, and helps you consolidate all of your tracking, so for efficiency, and for flexibility I say this route wins in the long run