A certain Matt Cutts (I have a good feeling about him - I sense he'll go far in Google) over at Webmaster Central Blog has inscribed an epitaph to the Googlebomb.
Ryan Moulton and Kendra Carattini (I suspect we'll be seeing their names again) used some of their 20% time time to improve Google's algorithm, making it more robust to Googlebombing.
It seems that we're more likely to see results talking about the googlebomb rather than the googlebomb itself. I can see how this will work on the historic googlebombs but surely this will be trickier on any new attempt? It also looks as if the algorithm looks for related content to the Googlebomb attempt. The editorial opinion patent is coming into play here. This is a patent application which describes how an editorial opinion could influence the SERPs. This tweak looks like a practical use of the idea.
Linkbaiting often has a similar footprint to a Googlebomb. If I titled a post Lisa Barone is Bruce Clay and published a cunning dossier of photoshopped evidence, if the linkbait works, then a host of search blogs would be linking to me with the Lisa Barone is Bruce Clay shocker anchor text but this new algorithm tweak may thwart me. Blogs writing about my sly linkbait attempt would win, especially if Google saw them as a favoured source.