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I took that as the latter being more accurate, and he realized it wasn't going to be in a few days. Thus, I'm expecting around a month, the normal time of an update cycle. The thing I find so curious about what he said is that it implies Google will have a new kind of update. Adding in missing links would mean a mid-update change in PR, and adding in additional anchor text would mean changes in how these sites would rank in the SERPs. This has never happened except at update time. If this is the case, Google is moving away from monthly updates to some sort of partial, rolling updates.