Yesterday Matt Cutts posted the following:
4 key points from the video:
1/ Penguin 2.0 will hit more black hat web spammers e.g. payday loans style Google shennagians. Hold onto your hats.
2/ Advertorials will be further hit (likely to affect the US of A more than the UK though)
3/ Link spammers will be further hit and more links devalued that were clearly developed with gaming PR (Page Rank) in mind
4/ Google later this year will give authorities in a particular subject a ranking boost for being said authority (discussed in my Social Standing & Syndication post from a couple of months ago). Clearly as a by product of this rel=Author is likely to become more important.
Matt Cutts also mentions less site clustering in results, amazing search tools, more advice & help for general webmasters + hacked sites and more Panda refinement as well but I do not see those as huge amends.
23/05/2013 update: The Panda just landed
image courtesy of Search Metrics