I have seen that a page with 360 backlinks and now 124 backlinks did not change the way the site is ranked it is allmost ranked the same way as before the update, 360 backlinks, all the pages on the site is index like before, so the question is what happen does the backlinks change to PR5 links or does Google not give all sites a PR4 if it is linked from a PR5 anymore, because there where NON changes to the link system.
Ofcause the update is not finished but the link count is the first thing to finish quick.
zeus
P.s Another thing the last to updates have been over very quickly and this one looks the same as the on in Dec/jan.
