6 months without a PR update. I'm interested in how this plays out on the web. I think it might be an extension of the Penguin and/or Panda update if it does take place.

What kind of update are you waiting for? An update of you page ranks, or some update of the algorithms used in ranking?

Usually a PR update comes out every 3-4 months (historically). I wonder if this next update is not just an extension of the spam-quality algorithm? In other words, "bad linking" or low quality content will influence page rank. I think it will be interesting to see.