klark0 - 8:37 pm on Jun 26, 2012 (gmt 0)
The problem with people (including myself in the past) who use low quality links, is that they almost always go overboard due to the fact that it's easy/cheap to create alot of the links.
Many Blackhats/Greyhats who do manipulative link building by smartly keeping a balance of anchor text used have avoided Penguin all together. Even more, with your example ...actually having a good site with good metrics will only help further.
So I'll say they are completely separate because I've seen great sites with loyal users that survive Panda, only to be annihilated when Penguin ran because their link profile was 75% to 100% manipulative and targeted.