MaxPowers - 6:06 pm on Jul 31, 2012 (gmt 0)
It seems the first-round Penguin sufferers were penalized for their 'indiscretions' according to G.
The second round 'offenders' have more or less had the links de-valued, so some loss of link power would be expected, but no major harm. Fix the links if you can (contact the webmasters of those sites), but Google understands that not all webmasters will respond. Google says if they charge you to remove the links, let Google know and they will use their own special brand of justice on these sites (paraphrased slightly).