Google page rank update in progress?

Recently, i have read about the Google page rank issue.

The reason for the penalties it not totally clear yet, but Darren said that he got confirmations from two sources at Google that the penalties were being given exclusively for paid links, and not for cross-linking inside blog networks.

That would explain why many blogs recovered from the drop, including Problogger itself. Supposedly these blogs were wrongly associated with paid links, and Google reversed their PageRank to the normal level after realizing that. The good thing is that most websites are actually seeing the PageRank update now, and many are going up.