pagerank update is started too. Yes, many people reported their backlinks updated, but most people have their site pageranks unchanged.
I've not seen any change in backlinks but the PR of some of my internal pages has been changing for the whole of November.
Almost all of my sites saw the PR go down, several to 0. Backlinks appear to have been hammered also. They obviously did a major backlink algo change. I am just not clear on what it was.