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gouri - 3:01 pm on May 26, 2012 (gmt 0)
I've had 100k links removed (from a handful of sites that were linking sitewide), some over a month ago, and they are all still showing in WMT. I wouldn't expect changes in my ranking until all data have been incorporated.
To see the effect of a removal of backlinks, do you think that you would probably have to wait until those backlinks are not showing up in WMT anymore?