Duncan Wilcox, who had previously done an analysis of Google's PageRank algorithm in the wild, takes a look at the latest version of PageRank, noting a distinct decrease in the impact of link topology. In particular, link text analysis, analysis of the text surrounding a link as an indicator of relevant topics, is becoming increasingly more important. He also includes some speculation regarding the meaning of the Google/Pyra deal.
Aside: Google and Pyra are still claiming that the deal is strictly out of Web benevolence. Hard to believe, although Google is still a private company. Altruism is possible if you don't have shareholders that you're beholden to.