Hi Brandon,
That's a very good question. I can't say for certain, but I don't think the number of results matters that much. I don't worry about it. I think what's more important are the inurl, intitle and inanchor results. But I don't even bother with these results either.
What I'm doing is using Micro Niche Finder to find domains to purchase and I really only focus on two ratings once I find a profitable niche: Strength of Competition and Measure of Backlinks. I don't know what the equation is for the Strength of Competition rating, but MNF gives you a very simple green light, yellow light or red light along with a number (the lower the better). Green means go, yellow means caution and red means don't waste your time. The Measure of Backlinks gives you an average of the number of backlinks the sites ranked on page one have for a particular keyword. The main thing I look for here is what kind of sites are ranked on page one. If I see a lone article from EZA, Squidoo or something that tells me this is a keyword that will be very easy to rank for. Sometimes just the domain alone can put you on page one. Sometimes just one article can do it. It all depends on how much competition.
I don't complicate this process too much. Domains are cheap. If a few don't work out it's no loss. I just want to find keywords in niches that get some traffic and have a decent estimated CPC so I know it will be worth my time to monetize the site. I'm not trying to hit a home run with these sites - just consistently make $50 - $100+ a month off each one. The ones that perform the best will get more work done on them down the road.
As far as number of pages, just get your privacy, T&C, sitemap and contact page up. This takes about 10 seconds to do with Thesis. Then maybe five or so relevant posts. I think it all depends on the niche and how much competition is on page one.
Content creation is the hardest part. I'm still trying to figure out the best way to do this. I like UAW's plugin and I'm looking into Brad Callen's new service. But nothing beats your own content. It's pretty easy to take a related article and rewrite it making it your own.
Don't get bogged down in the details and just get stuff out there. You'll get the "feel" over time of what works and what doesn't and you can fine tune your own system. Everyone should develop their own system based on what works best for them.
Take a look at Pot Pie Girl's free report for more information on this topic. She has a checklist of 20 steps she takes to launch her micro niche sites.
These micro niche sites work. Just get them out there and start building passive income - fine tune later.
We'll get more people working on these and we can compare notes. The APS Micro Niche Challenge will be a great start.
-Chris
P.S. I really like eBay's Partner Network to monetize these micro niche sites with. A great WP plugin is PHP Bay. Also, here is a great plugin for Amazon.com.
Both eBay and Amazon are two great places to find what's selling and get ideas for niches. If you want to do some eBay market research one of the best places is TeraPeak. Just use the service for one month and you'll come across some niches that you would never even think of. Especially look into collectibles. Collectors pay some absurd prices for junk because they need their fix. 
Last edited by closenno (2010-05-01 15:31:35)