Matt Cutts announced a toolbar PageRank change (the visible portion of PR anyway, perhaps with values which are already internally active for some time) is coming over the next days:
http://www.mattcutts.com/blog/google-pagerank-update/

Some comments by Matt:

- "normally we do a new push of toolbar PageRanks every 3-4 months."

- "it could be a few days before people see the toolbar PageRank changing, unless they go poking around on different datacenter IP addresses."

- Older (on whether Google stores PageRank as an integer from 0-10 internally): "It's more accurate to think of it as a floating-point number. Certainly our internal PageRank computations have many more degrees of resolution than the 0-10 values shown in the toolbar."

The update has started, it does not seem to be anything out of the ordinary.

It would be interesting to get some idea of what older penalties he was referring to.

If a Website has violated the Webmaster guidelines – it either is banned or not banned. Why would there be a delay in PR penalties.

It is frustrating to read ambiguity