SevenCubed - 7:12 pm on Sep 30, 2012 (gmt 0)
The question is, if you have an EMD that isn't affected by this, is it because you are a high PR, authority, or brand site?
I'm watching 5 sites in particular, 4 of those 5 are unaffected. They are 1/2 or 2/3 partial match keyword sites, all locally focused (non-USA). So far only 1 is affected partially having initially slipped 10 spots (I previously mistakenly said 5) falling from middle of page 1 to middle of page 2. It has slightly recovered to top of page 2. The others remain on page 1, 2 of them in spot #1 and 2 near bottom where they have always floated.
None are brand sites, PRs are 2 or 3 for each (but have almost no backlinks). As far as authority, I wouldn't classify locally focused sites as authority but they do agree with authority sites in presented content.
The affected one is the oldest (5 years) and is the one site that does have about 50 backlinks with not enough anchor text variation. I'm beginning to suspect the "low quality" angle is not related to content but to anchor text. Still early though with all the other stuff churning. Looks like they sent out another trojan horse referring to this as an EMD but stuffed it with bacon to confuse us.