i'm sure only those guys at google knows... the rest are all just speculating... if you're interested in the speculation, i find this list interesting: http://www.seocompany.ca/pagerank/page-rank-update-list.html it was posted in a couple of threads before...
It was updating on the monthly basis for a long time, then for the last 2 updates it was on the quarterly basis. Now we'll see will Google stick to quarterly or move to some other schedule.
I hope it does it monthly again that was good. In real time would be better but still far in the future.. :-/
I would not be betting about how far in the future daily or even faster updates would be. Looking at http://labs.google.com/papers/mapreduce.html one can get an insight into how they are increasing their ability to manage their datasets. For example, there was one paragraph where they mentioned that their new infrastructure allowed them to make changes in days that used to take months. I also like how they casually mention that a full crawl only produces 20 terrabytes of data..