First there there was Google Panda that penalized low quality websites and then after a year there came Google Penguin which penalized websites that violated Google’s webmaster guidelines.
In 2010 Matt Cutts (head of Google’s Webspam team) announced that Google is incorporating site speed in search ranking. It literally means that websites that load faster will be ranked higher than sites which are slow. Google’s philosophy is that faster websites create happy users and it improves the user experience. It appears like patience is a virtue but not for web users as New York Times reports that an eye blink is just too long to wait for impatient web users.