The good news for us Squidoo lensmasters - Squidoo had not been affected at all. Read all about it in the forums.
It had been suggested that Google now aims to promote authority sites and demote small independent publishers... don't know how true that is, but it's certainly troubling.
For far too many bloggers and site owners Google is the main source of traffic, and losing that would be really bad for them - but the worst loss here is the diversity of the internet, the freedom. I hope that sort of talk is just paranoia, not Google's real intent.
So what can you do to protect your sites? Start establishing your own identity and authority with Google!
Read this easy tutorial by Greekgeek on authenticating your websites and lenses with Google, I suggest you follow it. This might just save your sites a lot of hardship yet to come.