I went ahead and assumed the new algorithm change was related to content farms and I was WRONG.
Danny Sullivan spoke to Matt Cutts of Google today to find out if the algorithm change was related to both low quality content and content farms or just low quality content. Matt told Danny, who passed it on to me, that the algorithm change from last week was just related to blocking low quality scraper sites from showing up in Google's search results.
Again, the algorithm that is live is related to low quality scraper sites and not content farms.
I do not know when the content farm algorithm will go live. I do not know what sites it will impact exactly, but there are many suspicions on that. As you may know, Blekko banned content farms today and they listed the specific content farms they removed from their index.
Forum discussion at WebmasterWorld.