I'm tending to believe that the Florida update is going to be the wave of the future Google and my guess is they're finally encompassing some of the new technologies they've been patenting, namely the combination of PageRank and LocalRank. I'm still reviewing their patent to see what this all means but it definitely has more influences given to authoritive hubs as opposed from solely PR based model we've become used to. But if this is truly the case, then they're still in the infancy stages of implementing their new algorithm as can be seen by the wild reaction given during SES on how legitimate SEO's lost their rankings.
This also seems to coincide why some of my (formerly) highly ranked keywords have now dropped to #100 or worst even though my site's PR's are still very strong above all the other listings in front of mine. Regardless, it seems they are definitely using some form of new algorithm that we are not familiar with and I'm still trying to analyze it.
For those of you wanting to research their patent info, here are the relevant links:
http://patft.uspto.gov/netacgi/nph-P...0&RS=6,526,440
Based on their patent application, the formular recalculation is determined by the relevance score values for the documents as:
NewScore(x)=(a+LocalScore(x)/MaxLS)(b+OldScore(x)/MaxOS)
Enjoy
WG