brinked - 7:51 pm on Apr 25, 2012 (gmt 0)
Thats exactly my feeling as well. I am hoping that google will simply disregard the backlinks it sees as spam.
However, I am seeing a site with nothing but spammy/hidden backlinks rank #1 and 3 in my field..unaffected by this update. These make up the entire backlink profile and are the most blatant spam links you can have. This concerns me, but perhaps google likes the sites content so much its willing to forgive...
Looks like I will have a lot of work ahead of me. A site I purchased a month ago was just dropped for #1 to #9 and its an exact match domain thats ranked #1 for many years. Hopefully beefing up the content will make a difference as it doesnt really have many backlinks.