Now the question really is..
Can google survive without many of us 'authorities' in the SERPS - is it better for the users or not? Or is this all just temporary.
Re: don't panic:
I'm guessing most of the people here know, have known, and are aware of 'panic-mode' (as we've all built up heavy sites over 10 years, and this isn't our first dance). This is extremely dangerous for some of our businesses, even if it's for a week.