Planet13 - 7:30 am on Feb 15, 2011 (gmt 0)
Algorithmic penalties will "for the most part" be lifted as soon as you change the factors in your site that triggered the automatic penalty...
I would respectfully disagree with the term "Algorithmic penalties." Matt Cutts never uses that phrase in the video. Instead, he says, "if your site is affected by the algorithm."
The implication as I understand it is if there is a change to the Algorithm and all of a sudden your site is not ranking anymore, it is probably because the new and improved Algorithm thinks you are doing something in violation of the TOS. I think he goes on to say that you will need to change your site so that it is no longer affected by the Algorithm.
I do agree with the last half of your conclusion though, that he does state that a reconsideration request won't have any affect if the new Algorithm has affected your site's rankings negatively.