Miserable Failure - See-ya Googlebomb!
For those interested in more information, Search Engine Land has a post up today that addresses the history of the technique. It's well worth the read.
And for those of us who do web marketing, take comfort that there doesn't seem to be any kind of spin-off effect. The key distinction for this algo change is that it only effects websites that don't want to rank. If your page titles or onpage content match your incoming anchor text, that's still a good thing, and rankings don't appear effected.
The only other comment I have here, is that it does seem a bit of a shame. In and of itself, googlebombing was an expression of online commentary. At one point or another, Michael Moore, Hillary Clinton, Dick Gephardt, and a host of others have ranked. Heck, I've often thought of pointing anchor text at myself, and running for miserable failure status... :-)
I do understand the reasoning, and why it's bad for Google's business, but from a web-culture perspective, I'll miss it as a form of expression. The googlebomb was cool.