deadsea - 2:24 pm on Mar 22, 2011 (gmt 0)
If you were hit by a algorithm update, a reconsideration request probably will not be effective. Google recently said that reconsideration requests are only for removing manual penalties placed on your site once you have fixed the issue.
However, they have also admitted to white lists to keep sites from being scored badly on specific algorithms. Perhaps a reconsideration request could get you on one of these white lists.