I heard something about an update in their algorithm, but I haven't noticed anything myself.

I notice they aren't crawling as much this much. I guess like always we are forced to wait.

Oh, this morning I noticed that the PR of some of my site's inner pages have climbed dramatically. That of the homepage remains the same. Even one of my sites that didn't have any PR before jumped to PR3.

In some forums people are talking about the PR update so much. A couple of people said they lost some PR for reasons they are yet to decipher. Others are rejoicing.

I notice that google SERP change.

We should not go panic for such changes rather we should concentrate on adding more unique content and try to get relevant backlinks. Google constantly update its algorithm

Same here. I noticed the PR updates. My homepage drops but I gain PR values from inner pages.

Yes, There us updation going on at google data center. so it is fluctuation we can say.

Google has changed their algorithm to remove old penalties on some things, allow for basic text reading and indexing for flash movies, and a few other things. They also pushed their in-house PR to be visible in the toolbar.

Google is constantly making changes in order to stay on top of the current trends and to change the way they rank websites. I have not noticed any differences on my sites.