walkman - 9:06 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.
What's scary is that this seems to be a predetermined time penalty--at the least. No one has come back up, as far as I know, and I doubt no one has improved their site to meet Google's new guidelines. I hoped it was a 30 day one but 60 days are just 2 weeks away.
People have to realize that "throw your name away" is not advice for most serious businesses with good, and very good names. Have some aged domains ready to go is, though.