LocalU and Moz have just completed a two day local workshop in Seattle. Day 1 was a LocalU Workshop and day 2 provided a day full of keynotes. Both days included great content, new ideas and great networking opportunities.
To get a sense of my 10,000′ thinking about the Google Local algo read this article that Davi Mihm and I did at Streetfight: How Does Google Determine the Authority of Local Entities?
To get specifics of how I think it is working review my presentation from day 2: