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But by segmenting those sites which update frequently, etc. from the rest, and refreshing that dataset of say, 10-15 million, (or the dataset that gets the most search volume) it could help a lot with not only the users experience, but for those of us marketing for that dataset of search phrases.
All in all, a very good thing. :) Of course, if you play the 'check my clients rankings for keyword phrases' game, then you might have a headache explaining all the time that Google results are in constant fluctuation...
I don't think you will see any changes in the PR calculation cycle anytime soon. It still happens on a monthly basis, but it just doesn't have as big of an impact on SERPS as it used to.
New pages that enter the db mid month through the Fresh system are given a temporary pass on PR, so they float to the top for short periods of time. That causes a great deal of fluxuation in SERPS.
All in all, I think it is a very cool system because it will help remove that Catch-22 scenario that you need people to link to you in order to be found, but you need to be found in order for people to link to you.