Here is a screenshot page 2 of HN's current stories as of today (May 25th, 2012) 11:00 PM CST:
http://i.imgur.com/5u2Q6.png
Discussions # 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42 and 56 on page 2 are from several days ago (some even 2+ years old).
What kind of ranking algorithm is being applied? Is there some kind of personalization of stories?
And here's one as of 11:08 PM CST:
http://imgur.com/515ki
Was there some switch announced on the purpose of the More link on the HN front page?