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As Donna pointed out, the 'delay' tween what you expect time-line wise and what Google can 'do' is often longer than anyone would wish........

I have I similar issue with a client in the travel industry. They got a panda #21 slap, and I am not sure why. They have quality unique content, good visitor/time on page, no advertising, good load times and sensible use of title and h1 tags. The interesting thing is that the penalty does not seems to be site wide,their blog on the same domain was not affected, and they are still holding position for main keywords.  However for secondary keywords & long tails they are have dropped and in my opinion are being outranked by sites of lesser quality. I to having been researching possible causes and am at a bit of a loss... Anybody else have any input?