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Hmm, good point. Interestingly, upon doing a google search for PCA and RANSAC in the same context, I found some cases of a generalized PCA being performed using a RANSAC-style algorithm.

Maybe a good approach for dimensionality reduction would be doing offline processing on some large data sets, using a RANSAC-style algortihm to find principal components to use for the online algorithm with the tighter speed requirements...