Analytics has nothing to do with it in our case. The only site we have that really took a hit from all of this has never ran GA and only runs the latest version of webtrends which I find to be far more robust for this particular site.
So in our case at least GA data being used against us doesnt hold water.
But one sidenote, we do have adsense on this site which probably could be used by Google for the same purpose if they so desired.
I am seeing a slight recovery but still down some 25% pre mayday numbers and this is factoring seasonality in. Also traffic patterns are completely out of whack.
We are ranking #1 for 2 single terms that we have no business ranking for, not even loosely related to our site in any regard.