aristotle - 3:59 pm on Oct 6, 2012 (gmt 0)

Here is a quote from a WebmasterWorld thread [webmasterworld.com ] started by abhishekmishra in August:

Matt Cutts discussed at SES San Francisco to talk on stage and answer questions... When people asked Cutts about the next Penguin Update he thought: You don’t want the next Penguin update, the engineers have been working hard. For Penguin:- The updates are going the be jarring and julting for a while. Webmasters who want to get as much visibility as possible should look at the spectrum of value you’re adding.

From what has been reported so far, this current update hasn't produced much "jarring and julting". So maybe Matt Cutts was talking about something that the engineers are still working hard on, and that we won't see until later.