Here we go.
Get ready for a barrage of Penguin articles to complement the Panda articles, just as the Penguin update complements the Panda update in bringing quality to Google's search results (or at least trying to). Yes, the Webspam Update has now been named the Penguin Update, reportedly.
According to Danny Sullivan, whose word is pretty credible within the search industry, Google has officially named the Webspam Update the Penguin update. Sullivan had previously reported that Google's Matt Cutts specifically called it the Webspam algorithm update, but has now altered his article, saying Google is officially calling it the Penguin update.
Matt Cutts tweeted this Instagram photo (why no Google+?) which would seem to confirm the name:
At least it will be easier to find stock images of penguins (as opposed to webspam) for future articles. And it's better than the "viagra update" (arguably).
More coverage on the algorithm (and not the silly name) here:
Webspam And Panda Updates: Does SEO Still Matter?
Google Webspam Algorithm Update Draws Mixed Reviews From Users
Google Webspam Update: Where’s The Viagra? [Updated]
Google Webspam Update: “Make Money Online” Query Yields Less Than Quality Result
Google Webspam Update: Losers & Winners, According To Searchmetrics [Updated]
How Much Of Google’s Webspam Efforts Come From These Patents?
Google Panda Update: Data Refresh Hit Last Week