If you guys haven't heard yet, parts of the google algorithm were patented by google recently and some big site have analyzed the description.
Basically a short version of the 4 page report is this:
Domains with longer contracts get higher priority on searches. If you register a domain for just one year, you will not receive the same rankings as if you registered it for 5 years. The reason for this is to prevent these fly-by-night sites that are 100% ads with little to no relevant content to keep popping up in searches.
Your Hosting Account
Google is looking at hosting accounts and comparing them to other websites on the same servers or ips. Basically you do not want to be with a host that allows porn, spam, warez, etc sites. If you site is with one of these hosting companies with a lot of porn related sites, google will devalue your site as it thinks your chances of your site being related to the prior mention or just a spam site are very good. This also works the opposite way. Sites hosted along with other authoritative websites will receive higher rankings. Look for a host who has alot of big name websites in their portfolio.
Google is now checking your registered domain name against yourself. What i mean by this is if you recently registered a domain name and in the past you were caught doing something that caused your site to get delisted, ie. spam, clocking etc, your new website will be devalued.
Variation of anchor text
Google wants to see a variation of anchor text not just the same exact phrase over and over. For example if you were selling teddy bears, instead of having 100 back-links with the anchor text "Teddy Bears", google would like to see: "Cheap teddy bears" , "Soft Teddy Bears", Big Teddy Bears" etc.
As mentioned in other post on this site and other forums, google has adapted the same technology used for adwords into its organic search. Basically, the larger percentage of users that click your site for a given search term the better your rankings will be for that term. For example if you are the number 5 spot for the term "teddy Bear" and your competitor is #6 for the same term. If a larger percentage of users click on his site than compared to yours, you can kiss your spot goodbye.
The patent also describes a form of user tracking (probably through googles toolbar or even google analytics). Google is measuring: How long a visitor spends on your websites, how many pages a user visits among a few other things not very clearly described.
Fresh stale content
Every one has led us to believe fresh content rather than stale is key. However according to google, if sites continually link to old un changed websites, it is the same if not better than updating your website with fresh new content.