More_Traffic_Please - 6:42 pm on Oct 16, 2003 (gmt 0)
It's been my experience that Google will adjust a sites PageRank very soon after finding a new link to it. Also IMO they do a rough estimate of the additional PR transfered to your page by the new link and then once every 4-6 weeks will do a more accurate adjustment of PR once they go through the complicated iteration process of figuring exact PageRank. This is when we get to see the new backlinks and Toolbar PR. As far as anchor text gores, I don't really know if they take that into account on the fly or if that is figured in when they update PR and backlinks. One clue may be that when Google does start showing new PR and backlinks, the serps don't seem to change much (at least over the last couple of months this has been the case). That might indicate that anchor text is being taken into account on the fly.