Jez123 - 1:35 pm on May 18, 2012 (gmt 0)

I think it tells me that some of my backlinks have been devalued, and when/if my penalty is lifted, I won't rank as well as before.

Or it means that the links are devalued, no penalty is applied, and that's where you will stay until you either get more links or your existing links are restored to their former value.

This is something I have been worrying about. If the links are just devalued then there is no re evaluation and restoring to former positions. We are all waiting, basically, when we should be link building. Whatever link buidling is now allowed within the google regime, that is.