maximillianos - 9:43 pm on Feb 24, 2011 (gmt 0)
We are seeing the same in our niche. The two worst offending sites (history of black hat link farms, stealing content from us in the past - one site was kicked out of Google for a year) both seem to have either remained the same or climbed in rankings on all searches I've tested.
In our niche it appears the black hats our smarter than us regular webmasters who don't do any link building tricks. But I guess that is no surprise. I just always assumed justice would catch up with them. Perhaps another day!
We've let our site grow organically for 11 years. Just focusing on improving usability.
If today's update sticks, we are looking at a 30-40% drop in traffic overnight. Something our site has never experienced in 11 years of being online.