I tend to skim the BLP charts every day, and I noticed my eyes consistently skipping over any card with a value less than $1. There are plenty of essential cards worth less than $1, but the difference between a card being worth $0.75 and it being worth $0.95 is not exactly noteworthy.
All charts now filter any cards with prices less than $1. Cards will jump in and out of the charts if their values hover around $1, but I don't think that should be a big problem. This will also help with the problem of new sets first hitting eBay. Dealers and players alike throw every card from the new set up for auction, waiting to see which ones bring the highest bids. That causes the entire new set, including dozens of cards worth less than $1, to dominate the Most Popular Cards chart for several weeks. This change should help to keep all charts far more relevant than they were previously.
Magic 2010
Since BLP's data comes from Magic Online Trading League, BLP is at the mercy of their pricelists. As soon as Magic 2010 shows up on Magic Traders, BLP will have it too. I am interested to see how the values of some of the useful reprints will hold up. As of now, several have already taken steep nosedives. Pithing Needle, Twincast, and the planeswalkers have already seen big losses in anticipation of M10 going on public sale.