mhansen - 1:37 pm on Jul 14, 2013 (gmt 0)
(Thinking out loud)
With several people talking about how their site is coming back to previous ranking positions that were lost during previous updates... This almost sounds sounds like a timed filter/penalty has been lifted or timed out.
We're search traffic down again, but the phrases that have delivered our highest quality traffic are still there in the top 3 positions we see them during high referral streams.
To me, the lack of traffic on those common phrases suggests that "Search Suggest" or "Auto Suggest" (not sure what they call it) was refreshed again as well.
Edit: After spending a few minutes longer looking at the auto-suggest, the terms we often have delivering steady traffic, are suggested with brands and ecommerce websites, as well.