The Yahoo! Search Blog announced last night that they have done an update. That update now appears to be complete.
We rolled out some changes to our index and ranking algorithm last night. So, as you know, throughout this process you may see some changes in ranking as well as some shuffling of the pages included in the index. This update should be complete very soon.
While early on in the update, most of the members at DigitalPoint are praising the new results - the members at WebmasterWorld are calling the results "worse than the previous" state of results. As the update continues to go through, you notice less enthusiasm over at DigitalPoint Forums and more delight over at WebmasterWorld.
But many admitted that the results looked poor at the time and knew they would not stick.
It appears the new algorithm is done with its job and the new result set is out.
Now SEOs begin to analyze what they see and discuss it in the forums.
As a matter of noting the last update was considered a small update and took place on May 22nd.