Not that Exciting
Google updates the Google Toolbar to allow browsing by name.

More Exciting
Google updates backlinks! It appears as though they are showing many more low ranking (< PageRank 4) backlinks than they usually do. In addition certain high ranking backlinks are not showing up in backlink search results using the link:www.mysite.com search feature.

More info on the Recent Google Update
Visual PageRank has not been updated, just backlinks, even after they update that it will be uncertain if they are changining what links they accept as backlinks, or if the the backlinks shown even corelate to the actual links they use to determine relevancy. In addition some mild speculation is floating about that Google may be trying to look at relevancy more on high PageRank links.

Last Google Update...
Last update they started showing backlinks from many of the sites that had their PageRank blocked. It was obvious to some (including me) that those backlinks were not significantly affecting relevancy back then.

What is up with these Google Updates?
Many of the recent changes at Google seem as though they are aimed at making link brokering a much less effective (or at least much more confusing) business. Going forward I believe the ticket is going to be getting tons of links from various different websites.

Bulk Low PageRank Link Purchases
In a few forums recently I have noticed people trying to rent hundreds of links from various IP addresses for a few bucks each. This perhaps will become a more effective and cheaper technique of link purchasing than buying a few powerful links or just sponsoring a single powerful site.

SEO Forum Opinions on this Google Update
V7N Web Dev Community: Google Update
Search Guild: Google July Update
Webmaster World: July Update?