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From past experiences with hosting .co.uk domains in funny places, I can say that yes, both aspects (IP and domain name) make a difference. I believe they have methods in place to prevent someone from registering many domains with many TLDs, all hosted in one place, containing content that isn't actually relevant to that market specifically (Ie, the 'show pages from the uk only' option google provide).
That said, google's algorithms are pretty much 'black boxes', so chances are it's changed (or will change again) in the future.
If in doubt, take the safer option.
Jan
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