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Has anyone else experienced this?
I haven't noticed much mentioned with single keywords, which I don't generally consider worth the effort to try for, but on one little site I've noticed a LOT of referrals for the main single keyword, which has never happened before. When looking, I find that it moved up to #16 out of almost a million and a half. It hasn't lost position for the primary two word phrase though, in fact it moved to #1, which I really attributed to other sites slipping down and some inbound links added, most of which are low PR. It's definitely not fancy, and no changes have been made except to add two pages to the site for outbound links.
On personally managed web sites -- all pages are PR4 or above but a good chunk have dropped as backlinks.
SERP's (for what I checked) did manage the remain the same (and some slightly better) and traffic increased accordingly.
It is probably best to wait for a second update to make any real conclusions... and dramatic changes.