Gshaughn - I am seeing the exact same thing.
-Strongly branded sites of mine improved significantly. Some of these sites had some bad links, but overall the link profile was brand-based and Google gave them a pass as a result.
-Sites with bad link profiles were hit, regardless of when those bad links were acquired.
-The more bad links they had the bigger the drop
-Sites even with a very small number of bad links still were dropped, though maybe from #1 to #6 for the targeted keyword.
Robert Charlton (moderator) mentioned Artificial Intelligence in one of the threads and I think that's the case. I've never seen the algorithm detect the link-quality with such accuracy before.