This seems to have been broken by a Dutch Journalist, Henk van Ess, at his blog, www.searchbistro.com - a great entry into the search blog field. It has been quickly grabbed by SlashDot and then Digital Point and SEW Forums started discussing it.... now it is a great example of viral marketing.
The PowerPoint presentation explaining how it works (for employees) is here.
The speculation will fly about its impact, the possibility of bribes and misuse like DMOZ is experiencing, the questionable ability of those chosen to know the niched areas and the criteria for placement, and the convergence and development of TrustRank will get a lot of attention in the coming weeks.
Hey if it clears a lot of the crap out, stops the spammers, and eliminates the errors (or blatant Google allianced-influenced sites) I think it is something good.
If it gets abused then I really think Google will drop it.
Guess the leak works as a trial ballon and the rest we will have to wait and see about.