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This is THE authoritative guide to implementing rel="author", it's literally a must read, as are most things AJ Kohn posts at theblindfiveyearold.com
Does anyone have any info about how setting rel="author" affects your click through rates? Or, also, how it affects your rank (though I'm assuming that's nil right now)?
This article claims they saw a 484% CTR increase http://www.marketingtechblog.com/rel-author-ctr/ If that's 10% true, it's quite worth the time.
The Author Stats in Google Webmaster Tools can provide a glimpse into how a rel="author" presentation impacts CTR. Like other rich snippets it's very effective when no one else on the page is participating. On the flip side, if multiple people are using rel="author" on a specific SERP then you're essentially at a disadvantage if you're not participating. My read having implemented it myself and on numerous client sites is that it provides a substantial boost in CTR which over time may lead to some movement in ranking if you believe that CTR is a signal.