We were wrong in our earlier statement that the update would not occur for some time as the update went live just about an hour ago. As Google has now gone to a “continuous update” there is no longer a “Google Dance” where we have a period of time between the start of the update and the update going live on the server. It is live now.
There were some major changes in the algorithm, and we are testing those right now. From looking at the raw data thus far, it looks like anchor text is being given lesser weight and link popularity from solid sites is being given more weight.
As this is the first update since Google went to the continuous update there will be some instability in the next few days or weeks.
I will keep you informed as changes occur.