Penguin 4.0 is been released and not only that now it will be part of our daily routine.
Google Penguin, which was first launched in 2012 will become part of real time algorithm now on Google announced on its blog. So now Penguin 4.0 is real time granular algorithm. With few changes visible yesterday itself we should be ready to live with Penguin 4.0.

Google said “we’re not going to comment on future refreshes.” since now this will be a part of daily updates. Real time means that as soon as Google recrawls and reindexes your pages, those signals will be immediately used in the new Penguin algorithm and will effect the rankings there on.
The same happened at the time of Google Panda as well when it become part of the core algorithm. At that time also Google said no more confirmations for Panda.

Below is the extract of what Google wrote on its blog :-

Penguin is now real-time. Historically, the list of sites affected by Penguin was periodically refreshed at the same time. Once a webmaster considerably improved their site and its presence on the internet, many of Google’s algorithms would take that into consideration very fast, but others, like Penguin, needed to be refreshed. With this change, Penguin’s data is refreshed in real time, so changes will be visible much faster, typically taking effect shortly after we recrawl and reindex a page. It also means we’re not going to comment on future refreshes.

Penguin is now more granular. Penguin now devalues spam by adjusting ranking based on spam signals, rather than affecting ranking of the whole site.

So what we understand from above is that in real time as the pages are recrawled and reindexed Google will immediately recalculate the signals around Penguin and effect the website accordingly. About Penguin been granular it means that now each website will be effected page wise. Rather than the whole site being effected like before now each pages of the website as per the spam level will be effected and ranking of each page will move as per that.

Only the coming times will show how exactly this all turns out and where Google makes us stand.