You should head over to the Warriorforum - they have loads of guaranteed fixes to Panda and Penguin over there - those guys have certainly cracked it. :)
To be honest though I would think about starting a new site, there have been so few recoveries I believe the deck is stacked against us.
I would assume they are happy with panda and penguin and I would not expect much of a recovery.
I have restarted a new site using the old sites content and left the home page on the penalised site up as an experiment.
An alternative to this is to create a new site and 301 the old site to the new site, this tends to last for 4-8 weeks before the penalty hits the new site - but in that time you can start making money again - which can be better than sitting on your hands waiting like a puppy for a reward which never comes, then you can repeat the process a number of times to try to milk some money from the old site and perhaps spend it on the new site.
At least this plan is moving forward. And of course try not to focus the new sites income structure on google this time.