I think it may depend on the "update" you are talking about. The December "update" is most definitely appearing as our site had been dropped and was no where to be found on AOL. It is not re-appearing at the top of the serps. If it is the BigDaddy update they are talking about, I don't think so. (I really am not sure actually,because I decided to break my addictive habit of reading through the entire soap opera this time around :)
So this does not appear to be the big daddy update on AOL.
Forum discussion at WebmasterWorld.
PS. Sorry for slow updates, crazy day at the office...