Since the results for this update are far from stable and there's no real use in debating just what the heck they're thinking over there, I thought I'd bring up something for discussion while we wait.
The Google Snippet.
Now, I understand that DMOZ listed pages don't really have as much control over the snippet as others, but let's look at where we DO have control.
One thing I'm noticing is that I get a lot of hits from certain search terms where my site isn't even listed on the first page. Then, I get other terms where I am on the first page and it doesn't get as many hits.
The only thing I can figure (for the first example, above) is that my snippet looks like it contains what the user is looking for whereas the snippets above me don't. I notice this mostly when "BUY" terms are involved. My pages are laid out with "INFORMATION and CONTENT" at the top of the page (which is designed to get someone interested in the product) and then "MERCHANDISE" at the bottom of the page. During the top part of the page, I don't have ANY buy words. At the bottom, I've got all my BUY words and pricing and all of that sort of stuff.
So, if someone searches for BUY PRODUCTNAME, I might appear on the second page of the SERPS, but my snippet contains the product name, the word "BUY" and usually, a price. In that case, it's exactly what the person is searching for.
In most snippets, the search terms are going to appear in them, so if you key your page so that common search terms appear near one another, you aren't dividing yourself up between two snippets. If I'd laid out my page differently, my snippet might look like:
"...PRODUCTNAME product description...BUY it ..."
I think it'd behoove (is that a word? I think so) everyone to look at the contents of their snippets under their desired search term. Look at the snippets of the competitors above you. Does their snippet have the info the person's looking for? Does yours? If your snippet is better, you can be several places below them and still get the traffic.