SevenCubed - 10:29 pm on Feb 24, 2011 (gmt 0)
An algorithm change of this magnitude can't be measured by day to day changes. It's a major bubble sort and by it's very nature it's going to take a while to settle. I think the amount of time to stabilize will be in direct proportion to how competitive the niche is on an international, national, regional, and local level.
For me, what I'm noticing at a local audience level is that page 12-14 is the staging ground with page 8 being the high end. When sites that dropped from page 4-5 bubble up from page 12-14 range area they pause at page 8 then sink again and bubble back up. Sites on page 12 that appear as if they are going to move up overall when this thing has run it's course are inching up slightly with very little fluctuation.
These observations are based on a niche of competitors that are 30 pages deep and strong in understanding of SEO in general and web development in particular -- the ultimate challenge for an algorithm -- tech minds against the machine.
Should get interesting over the next few weeks but if this algorithm change doesn't establish effective pattern parsing then goggle's spaghetti ball of patches is hopeless. They will devolve into a commercial search engine -- a consumer traffic cop.