We emphasize that the recent measurements of the B^0_s - bar B^0_s mass
difference Delta M_s by the CDF and D0 collaborations offer an important model
independent test of minimal flavour violation (MFV). The improved measurements
of the angle gamma in the unitarity triangle and of |V_ub| from tree level
decays, combined with future accurate measurements of Delta M_s, S_{psi K_S},
S_{psi phi}, Br(B_{d,s} -> mu+ mu-), Br(B -> X_{d,s} nu bar nu), Br(K+ -> pi+
nu bar nu) and Br(K_L -> pi^0 nu bar nu) and improved values of the relevant
non-perturbative parameters, will allow to test the MFV hypothesis in a model
independent manner to a high accuracy. In particular, the difference between
the reference unitarity triangle obtained from tree level processes and the
universal unitarity triangle (UUT) in MFV models would signal either new
flavour violating interactions and/or new local operators that are suppressed
in MFV models with low tan(beta), with the former best tested through S_{psi
phi} and K_L -> pi^0 nu bar nu. A brief discussion of non-MFV scenarios is also
given. In this context we identify in the recent literature a relative sign
error between Standard Model and new physics contributions to S_{psi phi}, that
has an impact on the correlation between S_{psi phi} and A^s_SL. We point out
that the ratios S_{psi phi}/A^s_SL and (Delta M_s)/(Delta Gamma_s) will allow
to determine (Delta M_s)/(Delta M_s)^SM. Similar proposals for the
determination of (Delta M_d)/(Delta M_d)^SM are also given.Comment: 22 pages, 8 figures, 1 table. Extended discussion of the correlation
between S_{psi phi} and A^s_SL and new proposals to determine Delta
M_q/(Delta M_q)^SM from future measurements, with respect to the first
version. Minor changes and few references adde