Penguin 2.1 has officially been released today.
Matt Cutts, Google's head of search spam announced it on Twitter:
I saw signs of this around 9am EDT this morning but didn't see
enough chatter to cover it yet. I suspect over the weekend the forums
will light up. Some of the early stats I saw on sites that got hit were
huge.
Of course it was a late Friday release:
I'll have more details on this on Monday, with the impact on real webmasters.
For more details on Penguin click here.

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