Did any of you see this a while back?  http://blogs.teamb.com/craigstuntz/2010/03/18/38566/

I am by no means a cryptographer, but it seems to me that if fully homomorphic encryption ever was fast enough, us privacy freaks would have truly found our holy grail.  Looks like right now it is just being shown as possible, but it is still way too slow for production use.