This question came up in a forum today: Would you rather be listed at the bottom of page one or at the top of page two in the search results?
Forget the debates – let’s look at click results from my testing labs…
Well, after looking through many web log reports, this point is clear:
Who cares? The amount of click traffic below position #7 organically is so small that this was just a huge waste of my time. Look, if you want traffic for any type of phrase, you gotta get into the top three or it just isn’t worth doing SEO, you might as well get a second job and do PPC!
The main reason I started the SEO Revolution was out of frustration. Frustration at all of the lies and misconceptions that are posted in forums, given as advice in teleconferences, and even taught in live workshops. "So why didn't all of this work?" " Why wasn't my site successful?" " Why am I still stuck in a rut?" 
Agreed. Very low traffic. But there may be some difference worth noting.
Jonathan Leger just posted on this, and the data, though old, shows percentage of clicks received by each of the top 11 search results:
Rank Percent
1 22.6%
2 6.4%
3 4.5%
4 3.2%
5 2.6%
6 2.1%
7 1.8%
8 1.6%
9 1.5%
10 1.6%
11 0.35%
http://www.jonathanleger.com/is-ranking-in-the-top-10-good-enough/
I’m surprised anyone is listening to Leger these days. His data has been shown time and time again to be incorrect … as the data above is as well.