You're spot on - we actually built a tool based around the Gunning Fog methodolgy that lets you determine what "grade level" your web page is readable by:
It's not a perfect system, but it's amazing to test things like USAToday.com vs. The New Yorker written for high school vs. college level readers . . .
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[ 4.1 ms ] story [ 14.1 ms ] threadhttp://www.conversionvoodoo.com/readability.php
http://en.wikipedia.org/wiki/Gunning_fog_index
It's not a perfect system, but it's amazing to test things like USAToday.com vs. The New Yorker written for high school vs. college level readers . . .