Ralph_Slate - 3:32 pm on Oct 25, 2012 (gmt 0)
I am strongly convinced that Penguin is more than just a link devaluation. In dozens of search cases my site was ranked #11 - a clear penalty - from April 24 until Oct 11. Then, on October 11, my site ranked #1 in those cases. This was for pages which were strong pages but no backlinks. Backlinks seemed to overcome this phenomenon.