indyank - 1:29 pm on Feb 25, 2011 (gmt 0)
I still have a feeling that this update has a lot to do with links.Remember a google employee mentioning about how they are going to look at links differently.
Matt Cutts tweet about nofollow and page sculpting at this time is interesting.There might be some relation between these two.
1) Sites that add nofollow to internal pages might have been affected.
2) Sites that nofollow almost all/majority of external links might have been affected.
While the above relates to outgoing links, there might have also been changes introduced on incoming links. these could be anything from anchor text to relevancy of pages inlinking.
But I still suspect that outgoing links have been impacted in a major way.So is the practice of sculpting or adding nofollow to internal links.