Google's recent update (Penguin update) is all about web content. It focused mainly on duplicate content and spammy way of link building. This is all what I got from the update. If this update is more than that please share it here.
If you head over to the Internet Market forum, you'll find plenty of discussion on Penguin, Panda and other updates. I'll close this thread so we can keep the discussions all in one place. :)