A WebmasterWorld thread is reporting early signs of a major Microsoft Live Search update. The rankings, indexing and algorithm seems to have updated.

First reports came in from senior member, textex, at 9:30am (EST) yesterday. Since then, other members began to confirm the update. Old time member, Marcia, said:

I checked my analytics and I see a major change for many keywords overnight from the Live Search referrals data. So I also can confirm seeing changes with Live Search.

The last major Live Search update we reported on was in July 2008.

Forum discussion at WebmasterWorld.