Anything new change? Or what about the past few years? Any new changes you've seen? It must have been crazy way long ago when the link farms were off and running
Google is on process of implementing their next generation algorithm... http://googlewebmastercentral.blogspot.com/2009/08/help-test-some-next-generation.html
They keep on making changes, so the question for your answer is YES. Recently I could not find appropriate sites for some particular keywords, most of the times old sites use to come up on the first page.... Second they keep on updating the backlinks for the sites once every two weeks...