Wilburforce - 8:28 pm on Nov 1, 2012 (gmt 0)
1. Disavow bad links
How? I can do this in Bing's WMT, but not Google's.
Other than that, I agree: starting in May I applied what you recommend to my site (and removed or nofollowed a lot of outward links), which has restored position on a lot of search terms and brought referrals back to about 80% of pre-April level.
The main money term, however, went from #3 (it had been #1 for several years) to oblivion, and while it is now on page 3 (so has affected some recovery), I won't think of it as recovered until it gets to page 1 again, and I'm not sure it will. A couple of other terms are in still the same kind of state, too.
Also, some of the changes, while improving Google results, have had the opposite effect on Bing/Yahoo, Yandex, etc.