Two main things to say here, first off Matt Cutts has significantly updated his Reporting Paid Links post.
Secondly, The You&A session with Matt Cutts for SMX has been rescheduled for the morning of the first day. The Cuttletts need to set the alarm. See updated SMX agenda.
If you haven’t seen The Brief History of SEO told through Bloom County Characters I made over at SEOmoz in response to the original Matt Cutts paid links post, you are missing out on a chuckle or two.
While the paid link debates are interesting fodder for many, I actually like the way that Matt puts the focus on the Google webmaster guidelines and details some great insight into how to interpret them.
A big thanks to Matt for the description of directories and what make them valuable in this post. I will add some quotes to my directories page on Feedthebot, but my existing description of what makes a directory valuable seems to fit the bill of what Matt had said in this update.