I have a site that is apparently "filtered" for its main highly-competitive commercial keyword - we are not in the serps for this keyword at all! (Its frustrating that google feels hundreds of spam-ridden affiliate and porn sites are more relevant than an exactly-on-topic original content site.) We do show up for searches of unique text that is on the site, so we don't think its a penalty (no seo spamming techniques have ever been used on the site).
We recently made major changes to the site, and the google cache is finally showing the new version. We're still not in the results though. Should the google serps reflect the new version of the site immediately? Or is there a delay between update of cache and change of serps?