I don't think there is an update going on. I monitor many websites (directories) for changing stats PR, Alexa, and link count. I don't see any PR change on any directories where I remember the PR. In case you have a site where PR went to 0, it's not because of an update, it may be just be notorious Google hand PR edit
yes, u r right jiten... some of my sites are showing 0. first there was shoiwng no information tag... thanks
to be honest, I don't pay much attention to Google PR now because I realize how much time were lost waiting and hoping for that little greeny bar to be updated. But I think it will still be a-big-thing to wait for.
I watch my sites all the time around jan 1st or the end of december they all moved and just yesterday I had a blog move up to its first PR1 so I dont think you can really depend on google. They seem to do things when ever they want to.
Don't pay much attention on it. Focus on your ranking, because that will bring you traffic and a chance for leads/sales. If you are great in building links, boost in pr will just come up. Don't waste your time on waiting, just do your great stuffs.