There appears to be more reports of issues with Google's Webmaster Tools. The issues are not exactly the same as we reported earlier, but the issue appears to impact the same tool, the Link Reporting tool at Google Webmaster Tools. But is it an error in reporting or part of a new Google update?
Many are reporting that Google is showing zero external links for their site.
Is it a penalty? Most have seen that zero links are coming up for their site and their PageRank dropped a point or two. The person I spoke with yesterday showed me his site and it appeared plain. It was in a competitive landscape and was not extraordinary, by any benchmark, but it didn't appear penalized to me. Yes, this person's rankings dropped and traffic dropped, and the site's PageRank and link count dropped.
I personally do not see any of this on my sites but there are plenty of reports about this going on, as of a few days ago.