This change has prompted me to sign up and join this thread although I am a long term lurker. Agree that SevenCube has some great words of wisdom. But it's hard not to cry over this situation. I've got a 6 year old site, with at least 1000 or more words per page. Have been cited by media sites, commercial sites, blogs, books, etc. Yet, I was hit with a 50% traffic drop. I built my business from the ground up, and now it's demolished. This change hurt me and my family. I've sacrificed hours upon hours, weekends, to do the right things. No links bought or sold, very white hat. I run a couple of "test" sites as well that are much less appealing -- much, much less. They don't have any link profile. Those did not get affected.
This algo change does not make sense. If this stands, it can only mean that Google prefers to punish good and reward mediocre and even bad sites. I say "bad" because I've noticed that many sites that have copied my content have been ranking ahead of me in so many terms and even on my own title! Too many to count. Some pages just are not ranked (by using my own title) despite the fact they are thorough, 2000 word treatises with lots of comments. This change has nothing but demoralized me and left me with not knowing what to do.