Hissingsid - 12:53 pm on May 27, 2012 (gmt 0)
For the main UK 2 word term I track. If I add UK to the end of that term the serps I see are what I used to see for the 2 word term before penguin.
This really does seem to be based on a target term list. Other terms I rank for have not been affected at all only the big $ terms.
I've just tweaked on page seo for my page that ranks the best for this term. Reduced density and repeats. Reduced usage of the term in anchor text on this page. I'll be interested to see if it improves.