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I may be misunderstanding you, but I think the keywords "widgets extra large" or even "widgets white extra large" would be triggered with modified broad, not phrase match.

Also, if your site is brand new, it won't show any links. Usually, by the time SEOmoz comes out with a new index update, it already at least a month old.

I think that's a wonderful idea! I've been trying to market this company for six years; It's nice to have a fresh perspective! Thanks!

In an effort to update more often, SEOmoz/OSE are crawling fewer URLs. Likely, it's not that something happened to your domain; it's the fact that fewer of your backlinks have actually been detected by Open Site Explorer.

http://www.seomoz.org/blog/july-mozscape-update

FYI: My DA used to be 45 and now it's 41. I noticed that was because OSE wasn't detecting some of my backlinks that I know are still there. My advice would be not to worry too much, especially if your rankings haven't be affected.

"My current strategy is to target the top 3 all on one page."
Definitely have one page for all those keywords. "Managed IT Services" and "IT Managed Services" are the same thing. Even "Managed IT Support" could be considered the same thing. Google's algorithm is smart enough to decipher synonyms.
Resource: http://helpmyseo.com/seo-tips/296-language-synonyms-and-the-google-algorithm-and-how-it-affects-your-seo.html

"The problem then is the title tag: Managed IT Services | IT Managed Services | Managed IT Support"
Definitely do NOT do this. Google will see it as keyword spam/stuffing and it will hurt you, not help you. I'd recommend making the title tag "Your Company Name | One of those keyword phrases" (assuming your company name doesn't already have those phrases in the name)
Resource: http://www.pagetraffic.com/guide/keyword-repetition.php

"I could build pages for all 3, but how would I incorporate them into the website since they are all synonyms. . . How would handle separate pages with synonymous content?"
The way to handle pages with to avoid them like the plague.
Resource: http://moz.com/blog/duplicate-content-in-a-post-panda-world

My short answer would be to redirect the exact match domains to your current site. You don't want to try to do SEO on multiple sites; you want to focus your effort on building your brand/image, and increasing authority of your main site.

Also, in regard to exact match domains, I'd strongly suggesting taking a look at this SEOmoz blog post: http://www.seomoz.org/blog/are-exact-match-domains-in-decline

This could turn into merely a debate of opinion. For example, in my opinion, multiple pages are more user-friendly. My advice would be to find some research data that indicates which format is more preferred by the majority of users and do it that way. User experience before search engines always.

I have no hard evidence, but if it were my site, I would do option C but keep an eye on what happens, and if I noticed anything strange happening, I would implement option B. But if option C makes you nervous, I see no reason you couldn't or shouldn't noindex them right off the bat.

That's merely one person's opinion, however.

Your title tag is the most important out of all the things you listed. Make sure it includes you top keyword you're trying to rank for, but don't stuff any more than two keywords or phrases in there. And don't exceed 70 characters. If you find you have a lot of extra room, include your brand name.

If you're linking to internal pages from your homepage, use anchor text you want those pages to rank for--as long as it makes sense to your customers.

Meta description doesn't have much, if any, SEO value. It is what potential customers will see in the search engine results; a good description will increase your click through rate. It's been theorized that Google tracks click through rate and bounce rate and uses this information to determine relevancy of sites to tweak ranking, thus you could say the meta description indirectly affects your ranking--for better or for worse.

As far as your boss not recognizing the value of SEO, just tell him: what good will it do to build the best site the world as ever seen if no one ever sees it?

Yeah, expanded text ads are out. I jumped on those the very same day.

Anyway, good to see I'm not the only one with the problem and that Wordstream probably jumped the gun.

It's generally agreed that a best practice is to noindex tag pages because they create duplicate and thin content issues and have little use in general. If you were to noindex these pages, then of course you wouldn't want or need to fill in that information.

That's a good idea. 10,000 Is still a lot. You could even test fewer than 10,000 pages. Why not try 1,000?

Well, a couple more simple things you can implement are:

Make sure your target keywords appear on the page a few times, but don't overdo it! I cannot stress that enough. Only use them as much as what would sound natural to a human reading it.

Give your page at least a couple of paragraphs of quality, helpful content. My personal minimum I strive for is 300-400 words--that is just what has worked for me.

Make sure all images have relevant alt tags (your web person will know what that means; If not, you have a bigger issue than being new to SEO)

Don't put too many links on the page. i.e. If you have 200 products, don't link to every single one of them from the homepage; break them into categories and sub -pages.

Use a free service like http://pingdom.com/ to check the load time of your homepage. It will offer suggestions for improvement.

Set up 301 redirects to avoid duplicate content penalties. http://www.ragepank.com/articles/3/preventing-duplicate-content/
(OK, that one's not as easy)

Submit a sitemap in Google Webmaster Tools

I hope you succeed in your endeavors!

I think when people say Google no longer cares about keywords in the domain that that's total crap. One of my sites is #1 for the exact keyword I want, and I do no SEO for it whatsoever. It's only a PR2 and the on-page is a total mess. I never do anything to market or promote it. The sites below it are much better sites, and clearly do a lot of SEO work and link-building. Yet, my site remains #1 and has been for the past five years, all because it's an exact-match keyword, and NOT long-tail.

As far as hyphens in the domain goes, I've heard somewhere that's not the best practice, but I'm sorry to say I can't remember where and can't back that up. Maybe someone else will chime in.

What do you mean by meta robots instructions? Are you referring to the meta tags that go on each individual page? In that case, no, you don't necessarily need them. Robots assume a page should be crawled unless told otherwise. I'd still do it for pages that you don't want indexed and/or followed because a lot of times, robots, especially Google, seem to ignore these directives.

Yikes, I didn't know the site was that big. Still, if you're afraid of how Google would "react" to those orphaned pages, I'd still test small, regardless of how large your overall site is.

I just thought of something else. This is slightly less critical but try to keep the file size of your page under 1mb. Some say 50kb but I think that's a little extreme in the age of broadband. The site I market is 1.1mb and loads in only 1.18 seconds. But do try to stay under 1mb because of mobile phones which are slower. (Unless you have a mobile version of your site, like I do)

Also, make sure all of your code validates. http://validator.w3.org/

I mix up the order of my heading tags as well and have fabulous search engine rankings. I wouldn't worry. Heading tags may be a factor in ranking, but they're such a teeny piece of the pie.

I did it to two client sites and neither lost any rankings. I used the Change Permalink Helper plugin, which made the redirects seamless. The most unfortunate thing about changing URL permalinks is the fact that if you have social sharing buttons on your posts, all the counts get reset to zero.

I must add that just because I didn't lose rankings doesn't mean there's not a chance, albeit a small one, that you will.

One other possibility--especially if some pages are gone completely--could be that Google decided to crawl it at the exact moment it was down. Since propagation can take up to 48 hours, you're going to have some down time in some locations. If that's the case, once Google crawls it a second time, you should go back to your old positions.