WebFusion - 3:30 pm on Jun 8, 2011 (gmt 0)
I can honestly say that after being in "business" with Google since 2003 (when an Adssense rep contacted me to add their ads to my site), and seeing lots of ups and downs, very little has changed. Create good, high-quality, unique content - promote it well, and eventually things even out.
I lost about 2/3 of our adsense income on April 11th, and our traffic took a significant dip as well, but the cream always rises to the top, and just as in prior years I'm confident our site will rise again. Sure, this is the biggest dip we've ever seen, but we're also not foolish enough to base our entire financial well-being on something (i.e. google traffic) that is completely out of our control. I learned the hard way (when a similar thing happened a few years ago) to bank 60-70% of our after-tax adsense income as a cushion for these eventualities.
We can ride this out. Hopefully, a few people suffering from Panda will take it as one to grow on and change their business model to do the same. When I read about people/companies talking about layoffs just days after Panda hit, I was actually somewhat surprised they would build their business on a house of cards like that.
My advice - keep doing what you're doing. If you create your own content, spend more time on it to make it truly stellar in quality. If you pay for content, don't go the lowball route (I pay roughly $180 for a 2000 word article these days - you get what you pay for).
As far as my SEO experience - I stick to the basics. Good quality pages that validate. I let the links come on their own.