It has been some time since we have seen a major update at Google for their Search Results. This still is not a major update, but there is a PageRank update. My observations so far:
Many sites endded up with lower PR
PR from low sites dragged down high PR sites
Blog linking took PR from their Main sites and lowered their Main sites
5 may not be average anymore, it may have shifted downwards
What does this mean? It is a little early to tell if this had an effect on traffic. My gut would be in the case of the site with external Blogs, that Blog traffic will increase and site traffic will decrease.
This also means that lots of links are meaningless (or harmful) for PageRank unless they are from high PR sites. The value of "volume of links" with keywords vs "quality of links" with keywords is going to be very interesting to watch.