Of all the Google updates this has been the longest, although this was not really an algorithm change it was a complete rewrite of the search indexing system Google uses to deliver results. They now claim results will be 50% fresher and much quicker than before. The shear size of the net and where it is going has meant that even they needed to upgrade and have in place an index that could deliver accurate results quicker, to improve the user experience. So last year it was announced that Caffeine would be the replacement, but with hints of Christmas then Easter, it ended up bearing a full year of development, before they have officially announced the upgrade is completed.
For the professional it has been a year of mixed opinions and results. For many the implementation has shown no change and rankings have remained constant throughout, but for a small proportion of webmasters certain algorithm changes have been a nightmare to overcome. There are certain areas that have become more sensitive, especially relating to IP addresses and links from the same server.
It is astonishing how much information Google can handle in any one second, if a web page was a paper page of information stacked on top of each other, they would process 3 miles of paper each second. The job of any company is not to find ways around Google for a quick win. but to work within their guidelines that benefit the user, so speed is not a ctical factor on the new algorithm