It seems that Google is doing a back link update. I noticed it last night with a rise in my SERPs (Search Engine Results Pages) and a corresponding rise in traffic on a couple of my sites. The increased traffic was coming from Google which is usually an indication that an update is underway. Its not back up to the levels of traffic that I had after the pre Christmas update (which knocked off two thirds of my traffic overnight) but its a step in the right direction and something of a relief for me.
Read more of what people are saying about the update at Digital Point: Google is updating and Webmaster World: Major changes in Google Update Starting.
Have you noticed any difference in your google referrals in the last 24 hours?