All you guys & Gals stating that the backlinks that google displays does not mean anything apear to be right. The serps are better then they where ever even with only 1/4 of the backlinks displayed in google.
If the SERP's are better even after google has dropped backlinks, there is no reason to worry. After all , why do we get backlinks? Only to have a better position in the SERP's. It may be worrisome for some sites, to see backlinks getting dropped and the PR following suit, if they are into selling text link ads.
Agree, that is too big a variation. Looking from the current pattern, it won't be surprising , if G completely phases out the link command
This is the general feeling when a thing commands almost monopolistic trade share. Come to think of it, G is the MS of search.