tedster - 11:46 pm on Jun 8, 2012 (gmt 0)
But it seems to me that if millions of links are suddenly devalued...
As far as I know, link devaluation was not a direct part of Penguin - even though it occurred around the same time. Penguin was a true penalty against specific sites, not just an ignoring of certain links.
In fact, there was also a program to manually penalize websites with manipulated backlinks last month (and ongoing, apparently) that also was not a part of Penguin, which is algorithmic and not manual.