Thursday started off suspiciously slow for us (US pandalized content site) but then during the day traffic increased to the degree that it ended up being our best Thursday in months.
However, when I checked keyword rankings this morning we'd lost positions on over 85% of our keywords (one, two, and three-word phrases). I haven't seen a drop this big in positions since Panda 1 on Feb 24, 2011. I'm hoping it just has to do with the rollercoaster like activity people are reporting, but my heart definitely sank when I saw the keyword losses. We've had small but steady panda recoveries starting with Panda 3.8, I'm not sure I can go back to square one.
Traffic to the site so far today isn't dismal, but it's not looking like a great day either.
One interesting observation that seems to correlate - I'm seeing about 6800 additional backlinks to our site being reported in the past 24 hours. We don't get jumps like that unless there is some major shakeup going on.