A WebmasterWorld thread has several different webmasters reporting seeing huge spikes in Google referrals recently and then those spikes dropping down.
The first post was on February 28th, but the spikes continue to happen on random days for several webmasters. Here is the first post:
I have a Amazon site using AWS to display product pages. I have about 500,000 pages indexed on Google and generally see about 200-400 uniques a day. Yesteday, 2/27/09 I had over 1400 uniques. Today, Saturday it seems to be back to the same old numbers. I am looking forward to Monday to see if things pop back up.
Old time member, robzilla, found something similar:
I saw my Google referrals double on one site last Monday. It hasn't exactly continued at that rate throughout the week, but there was still a noticeable increase overall. I can't seem to be able to pin this down to one particular keyword or -phrase, or even a few. Instead, overall keyword performance seems to have increased. That Monday would have been the new record if it hadn't been for a big spike in StumbleUpon traffic on Friday.
It is hard to say if this is regarding a Google change or a change in the site or just a weird bleep. But it is interesting to see a nice set of diverse webmasters notice this and discuss it over the course of two weeks at WebmasterWorld.
Forum discussion at WebmasterWorld.