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Well, to clarify - everything regarding the Florida update is speculation.
My own observation is that multiple backlinks from the same IP have been devalued, and that the PR transfer is muted. However, I'm only able to properly observe forum links - it could be dynamic content specifically most affected. BUT, either way, SEO now needs to account for the fact that future algo updates could wipe out all value of internal links. That's what I'm basing my comments on - the need to prepare for future eventualities.
If PR is still significant then that means that pages with backlinks spread about more IPs will get the most PR benefit, and thus better ranking - and this would work nicely in tandem with the Hilltop algorithim.
However, do note that nothing about Florida remains settled in the SEO community. Any single SEO could question my own observations - I merely present them as so, as would anyone else.
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