I can only say that I had/have exact match domains that were hit by first, second and every other Panda update/refresh and that was fair. Yes I admit that and don't complain.
These domains never ranked for their main keywords ever after, but this EMD update has more questions then answers.
1. What is EMD to them? bluewidgets com is exact match but what about tomsbluewidgets com? Is that an exact match?
2. What is quality for them? All that guidelines they have or quality is more specific - content, links? Don't forget that Cutts tweeted EMD update that is unrelated to Panda (content) and Penguin (links).
I personally seen a site with a following format domain tomsbluewidgets.com, that stands out among its competitors with its content and links, hit by this update and another site that is bluewidets.com has 1 page content, 3 incoming links and was ranking nowhere for blue widgets now is in top 10.