What are your thoughts for those of us that utilize these services, should we re-evaluate our process?
Yes, on an ongoing basis.
After every Panda update it is important to quickly assess what changes were made (i.e. who was hit) and how these changes affect our clients.
In short, Google has made us clearly aware of what they want to see in terms of links: a completely independent link to websites. They do not want to see any form of influence.
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Press Releases is content usually under the complete control of the company which offered the release. It is not an unbiased link.
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Articles published on various content farm sites are not (usually) independent links.
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Links from various forms of link networks, directories, etc. all fall under this category as well.
While the above links do offer some value, it is greatly diminished compared to the value of an authentic link.
The question is, how do we adjust? My suggestion is to focus more then ever on onpage SEO. Work with clients to ensure their websites are more streamlined, more focused, more usable, liked, trusted, helpful (and 100 other adjectives) then ever before. There is one word which encompasses everything else...compelling.
In the world of sales there are products and services which need to be sold, and there are products and services which sell themselves. Is the content on your site what you want to write about? Or does it cover topics readers want to hear about? Do you have known detractors from site quality (i.e. ads, keyword stuffing, etc)?
TL:DR: Treat your website like it is the only site you own. Make the site the most helpful and compelling resource on the topic you cover.
Once the above is complete, you only need to let the world know about your site and they will want to link to it. Keep pounding away at on page until you feel you attained a level of perfection. Then, ask for and openly accept feedback. Ask other SEOs and more importantly ask your visitors whether it is via surveys or A/B testing. "Build it and they will come".