Planet13 - 11:53 pm on Jun 23, 2013 (gmt 0)
Thanks for the responses everyone. They really are appreciated.
"Google also seems to be not clear on how much effort it requires webmasters to demonstrate in link removal or 404/page removal. This is painful and often expensive, indeed not possible."
Yes it is painful. Almost as painful as the 35% drop in impressions and clicks since Penguin 2.0 rolled out. (According to our webmaster tools and GA accounts.)
Thanks again, everyone. Your input has helped me get my priorities straight.