If you listen carefully to the video from Matt Cutts, he says No. I have seen a few posts about this topic now and thought I better pay attention as I work for a fairly well known brand.
Cutts talks about this being one of 3 to 4 hundred changes they normally make a year to the algo. And the objective is still to provide the best results for users. And the latest change would only affect a small number of queries.
See the video for yourself here…
What keywords are in the vid?
He talks about the Trust, Authority, Page Rank still being very important in determining the best results.
And its a change and not an update. Its Vince’s change by the way !