It would appear that Google finally updated pagerank. Depending on where you live in the world, it was first reported October 29/30th, 2009 at several popular sites. Although there is no set schedule Google follows, some would say it was slightly overdue.
No word whether the update is totally complete or still ongoing. It was a hot topic for a while, but seems to cooling down. Like the usual Google Pagerank update, the expected ups, downs, and some stayed the same.
Anyway if you follow Google Pagerank you might check your site to see if you have any changes. Sometimes your homepage will go up or down, other times it just remains the same. Don't forget it is Pagerank (each page on your site can have a different rank). So some of your internal pages might change, but not your homepage.
It's nothing spectacular or anything, but some people really follow it, and almost get addicted to it. If your site has gone up it doesn't mean that your site will appear any better in Google than before. Some people get excited because their Pagerank has gone up, but later learn that their search engine traffic has not. There is more to it than this.