DaveN posts over at his new blog threadlinked above on the Hilltop algo and LocalScore according to JasonD - A worthwhile short read, here's a snippet:

New Google Ranking Formula = {(1-d)+a (RS)} * {(1-e)+b (PR * fb)} * {(1-f)+c (LS)}

Like the old algo there are damping factors in place and again what we don’t know what they are so once again I haven’t included them in my plain English example, just leaving factors we can work with and can deliver and/or register.

The Hilltop algo adds to the old Algo by giving a further multiplier, the LocalScore Rank (LS)

Note, although Jason says in the comments, "check my other articles" i cant find a link to them on his site?