ethought - 1:50 pm on Oct 3, 2012 (gmt 0)
I am starting to think that perhaps the drops we saw on the 28th are due to the recent Panda update compounded for some by the EMD update.
Panda Update 3.92, Sept. 18, 2012: (less than 0.7% of queries; announced)
I guess simply because it was announced on the 18th doesn't automatically mean that was when we should see the changes in results coming through.
My sites have been more or less fine for all other updates until now. However a couple of sites did get hit by Panda back on April 26/27th. The pattern of traffic after the penalty does look very similar.
One site in particular that was penalised in April came back to normal on the next run of Panda. This fact makes me worry that if Google did make a mistake or turn a 'dial' too far they have to re-run panda to fix the settings. Which could mean no recovery until next Panda update if at all...