The summary of the history seems pretty accurate to my perception of it, but I don't think it's hopeless from here. :)
"Deep-sea ice crystals stymie Gulf oil leak fix - Yahoo! News 8 May 2010 ... thick blobs of tar began washing up on Alabama's white sand beaches. ... platform at the Deep Sea Horizon oil spill site in the Gulf"
At least a result from 4 days ago is an improvement on when I'd get usenet or mailing list results from 1999-2004 whenever I searched for anything linuxy.
:/
All of the fascinating things about signals are confidential for all of the reasons listed in the article, and Google has been sued so many times by sites that think they should rank better than they do that I can't really give examples.
I think it's safe to say though that there are a lot of people worried about and thinking hard about what the web is turning into and how to rank it appropriately.
Most of the content is no longer written by devoted hobbyists, people no longer link as often to things they like, and much of the content on the front pages of reddit, digg (and sometimes even hackernews) was put there by people trying to make your search results worse.
Similarly, stackoverflow.com doesn't have very good answers for a number of technical topics, but it's often on the first 10 hits, even when the answers are useless and there's much better answers ranked lower (like project mailing list archives).