In April of this year, my business, based on three main websites, collapsed under the weight of the giant panda. I tried all kinds of remedies including 301s to release parts of the sites from it's grip but these suffered from manual inspections and were -50'd.
In the last six months I have worked incredibly hard launching new websites and learning everything I could from forums such as this. I have re-designed sites with manual penalties and got them back into Google's SERPs. I have reinforced sites that did well in Bing. I have gone to bed thinking of algorythms and woken up still thinking of them. My earnings now are not all that far from what I made at this time last year and I am confident that next year will be another record one.
There is no problem yet invented that cannot be overcome by hard work and concentrated thought.