Have you seen July 16th's backlink update? Have you read any of the forum posts? Let me sum up what is going on by quoting a few forum posts and then outlining the theories. Don't you love these theories?
Post # 90 at WebmasterWorld: "Perhaps what we are seeing is the inverse backlink command. It's showing all the links you have that DON'T count."
Post # 5 at SEO Chat: ""Plus my overture ads that are running in Yahoo and on other sites are counted as BL. No kidding!"
Post # 12 at Search Engine Watch: "It appears to me that, for whatever reason, Google has flipped what it's showing. These are the backlinks that Google was not displaying before. I'm guessing that it doesn't represent a change in whatever backlinks Google is counting, but I've been wrong before."
Post # 83525 at HighRankings: "Stop looking and get on with your business. Who gives a how many links google shows in their link command? It doesn't mean a darn thing! Who cares what your PR is? It also doesn't mean anything"
About two weeks ago GoogleGuy posted at WebmasterWorld saying something to the affect that soon, Google will be displaying a more representative sample of a page's backlinks. This post was available at WebmasterWorld until just a few hours ago. The thread has been removed. See post # 122 at WMW.
So what is going on? Is it a glitch? Is Google showing a more representative sampling of a page's backlinks? Is Google irrelevant again? Is Google messing with us?