In case you're wondering how on Earth this is possibly news, it's because Google just hosted a training session for journalists at their DC offices yesterday. Showed them Google sites and tools that could help them in their jobs, answered a few questions. Many were surprised to hear that Googlebombing no longer worked.

(I know this because my gf attended.)

this is also having a serious negative effect on SEOers ability to jigg results/

Sure.

http://www.google.com/search?q=santorum

"We are far more perceptive when it comes to these link swarms that show up in a matter of hours or days"

With a little planning I'm sure it would be possible to regulate the link swarm over a period of a couple months to pass under the radar.