Reno - 8:40 pm on Apr 11, 2011 (gmt 0)
Don't throw your domain away. Give it time. I have personally witnessed 3-month penalties come and go, all the while people were telling me to get a new domain.
This is very good advice from my own personal experience ~ in the past I did bounce back reasonably quickly from any algo updates (like in a month).
However I'm sorry to say this time that has not proven to be the case ~ went down at Panda and am still down. So those of you who have been hit hard, don't expect a fast recovery (if any). Start tightening your belts NOW and look at other opportunities, for your very survival may be at stake.