Let's hold this present discussion to specific observations and analysis of the current SERPs, and especially how they continue to evolve as time goes on.
We have a dedicated thread for Mayday changes [webmasterworld.com]. We also have two more general discussions going here:
Is History Repeating Itself at Google? [webmasterworld.com]
Google's Current Incarnation - how "cute little G" has changed [webmasterworld.com]
These four threads are now tending to blur and overlap. With everyone's cooperation, this monthly update thread can keep its specific focus and value.
The reappearance of traffic in some cases is a hopeful sign. The big brand I mentioned earlier is not seeing any of that, at the moment, but it's good to hear that some of it is happening for some sites.