Andy_Langton - 10:53 am on May 29, 2012 (gmt 0)

From what I've seen, Panda likely affected more queries as it took down some very large sites, but Penguin seems to have affected more sites. This is just anecdotal, of course.

The other factor may be that there were other changes during the period (e.g. all the link slapping going on) which people may have bundled into Penguin.

Strangely enough, the only site I had that was affected negatively was a small personal site with no specific activity targeting links at all. Although I can see from the links to it why Google would suspect someone had gone out of their way to create them (for the interested, a lot of links came from an entry in an identical list which was republished on forums many times over).