fred9989 - 11:39 pm on Oct 27, 2008 (gmt 0)
Looking at my own data in webmaster tools, I'd have to conclude that the query results shown there are "pre-penalty". For about 90% of the data, the results are accurate and represent what I see when I run the searches in Google myself; for the other 10%, the positions on the WMT data are what I would expect if the site was not languishing in the -950 region for those queries (which it is).
While that may seem like an imprecise statement based on my judgement, more importantly, the positions reported in WMT for that 10% of queries actually mirrors closely where the site used to be for those queries before the penalty was applied.
I hope that's clear if not too articulate!