Gshaughn - 2:05 pm on Jun 9, 2010 (gmt 0)
-My site got hit hard, and lost 75-80% of its traffic for 6 weeks, then rebounded better than ever June 3rd. I listened to the senior members of the forum and made very few changes during this period, and waited it out.
-The same time my site rebounded, a lot of others were negatively affected for the first time. This leads me to believe that G is in fact reindexing, perhaps in 'batches'. The reason for people being negatively affected could be do to incomplete backlink profiles, authority not initially factored, etc.
-The serps are definitely not strong, but that could be expected if a percentage of good sites are constantly going through this cycle.
-WMT and Analytics figures are off
-I still believe CTR is a more heavily weighted factor and G is 'spot showing' pages for KW phrases from time to time to gauge CTR thresholds for various positions and various kw searches.
If you have been recently affected, my advice would be to play it cool for 6 weeks and not do anything too drastic. Keep up on this forum for more insight. I did after my positions returned and that is why I think this is cyclical.
Ultimately, I predict some more shuffling for my site, and hope (but don't expect) my rankings to remain closer to what they are now than what they were.
Hope this helps,