Large Google Update Happening Now...

Large Google Update Happening Now...
An ongoing WebmasterWorld has a huge uptick in chatter around major ranking and search result fluctuation over the night. It seems from this and from all the complaints in the Google Webmaster Help forums that there is indeed some sort of update going on.Is it Penguin, Panda, EMD, page layout or something else - or is it a wide-spread manual action or Google going after and devaluing a major link network - I do not know. But it does seem something has happened causing tons of webmasters and SEOs to take to the....