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For whatever it's worth, have a site which was also mauled by Panda & Penquin in April, 2012.  Probably lost around 30% to Panda and Penguin knocked it down to around 25% of the pre-mauling traffic.   The Penguin mauling is algo based and is probably caused by anchor text in manually written comments on relevant blogs or pages.  Without doing anything (as in taking an extended vacation from blogging, linking, etc.) traffic is now at 50% of pre-mauling (probably half of the Penguin effect is gone).  Seems to benefit from each Penguin update by 10% - 20% per month.  I am curious how this compares to "link removal" efforts.