No T.E. for me either. I do use FrontPage, but I don't think that is an issue. Code is as clean as it can be (no webbot junk) and all of my important pages are W3C validated for html amd css. I am #1 on Y! and MSN.b and have been since Y!'s last update. On the last GG update I went from 101 BLs to 140 and from PR4 to PR5. I thought the issue might be "site launched after March 2004, obviously SEOed, and quick building of link exchanges". But leeds1 has a site that is over 4 years old. So, it appears to be something other than what I thought. Of course there is a possibilty that GG started (or broadened) measuring link building on Dec 17th, and if that rate was higher than 'x' the site is assumed to be in a link exchange scheme. Just a thought.
Additional Info: Over the past 5 days, my site was coming back from #76 or so making to about #59. Tonight I find that I’ve been sent back to #80. I’ve made no changes at all. However, my Yahoo link count has gone from about 1200 to 1700 in the past 3 weeks. The new links are a mix of related and non-related, with some variation in anchor. This is feeling a lot like the too-many-too-quick penalty.