dvduval - 6:05 pm on May 8, 2011 (gmt 0)
There is a site I have reported twice. It is a pagerank 7 and clearly bought links. It then sold links which appear in the side bar. Many of that sites are PR 5 and 6 and then sell links (they are link directories). The PR site got their PR from a hidden link on a PR 9 site (using the noscript tag). There was a long thread about it on another forum. That thread was started May 11, 2010.
So it has been a year, at least two reports and a forum thread. I don't think Google is properly dealing with the reports. I think it is more like a case of the police and speeders. Google won't catch most of them, so it is commonly accepted that you can speed, just don't get caught.
I would LOVE to see otherwise.