I am seeing early but significant chatter this morning around Google algorithm and search results changes. Some are saying it is Penguin related and some are saying it is Panda related. It is too early to tell.

Panda does tend to refresh every few weeks or so but Penguin may still be rolling out and updating. So it is unclear.

Folks at WebmasterWorld and Black Hat World are are speculating either Penguin or Panda. Here are some quotes from the threads:

This may be normal flux or it may be a sign that Panda is refreshing, once again or that Penguin 3.0 is settling down?

Forum discussion at WebmasterWorld and Black Hat World.