dickbaker - 5:43 pm on Mar 3, 2011 (gmt 0)
The update is definitely still going. A phrase for which I ranked #2 last December, and then moved to #5 for after the last update, then moved to #12 for last week, is now MIA. It's not in the top 150 results.
As for sites with Adense on them, if we're to believe Google when they say that organic results rankings have nothing to do with the Adsense department, then could it be that Google is viewing sites as MFA if they have any prominently-displayed Adsense ads?