The rapid growth of the web has been noted and tracked extensively. Recent studies have however documented the dual phenomenon: web pages have small half lives, and thus the web exhibits rapid death as well. Consequently, page creators are faced with an increasingly burdensome task of keeping links up-to-date, and many are falling behind. In addition to just individual pages, collections of pages or even entire neighborhoods of the web exhibit significant decay, rendering them less e#ective as information resources. Such neighborhoods are identified only by frustrated searchers, seeking a way out of these stale neighborhoods, back to more up-to-date sections of the web; measuring the decay of a page purely on the basis of dead links on the page is too naive to reflect this frustration. In this paper we formalize a strong notion of a decay measure and present algorithms for computing it e#ciently. We explore this measure by presenting a number of validations, and use it to identify interesting artifacts on today's web. We then describe a number of applications of such a measure to search engines, web page maintainers, ontologists, and individual users.