There is an excellent summary of the Google Patent Application (March 31, 2005). This document has been the subject of much discussion and speculation amongst webmasters, search engine optimizers, and online marketers, because it seems to make some serious changes to the criteria by which web pages are to be ranked by Google.
In particular, Google proposes to track the changes in web pages over time, and use this tracking to make major conclusions about the relevance and authenticity of specific pages. They propose monitoring changes in content, quantity and quality of both inbound and outbound links, and changes in the content of pages linking in. These measures are meant to combat search inadequacies and inaccuracies due both to overly vigorous SEO tactics (spam) and "staleness" of pages.
You can read the article by "greywolf" at threadwatch.org.
Some of my own comments are published at Marketing Bites in a couple of posts:
The Importance of History to Google
Give Google What it Wants
Most informed SEO specialists agree that many of these factors have already been implemented.
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