Google has launched the Penguin 4.0 real-time algorithm, which allows for immediate updates to site rankings upon re-crawling and re-indexing, eliminating the need for periodic updates. This new version is integrated into Google's core ranking algorithm, affecting individual pages rather than entire sites, and sites can recover from penalties more swiftly. Despite this change, Google's linking guidelines remain unchanged, and site owners must still address bad links directly to optimize their rankings.