1script - 8:21 pm on Aug 10, 2013 (gmt 0)
I did run afoul of a manual action and completed all the steps Whitey describes (one difference I admit to: I only sent takedown requests once before disavowing) - the manual action was removed, or so I've been notified. So what? 4,6 and 9 months on (three different sites) and not a shred of difference in rankings/G traffic/Gbot activity - any of the indications I can think of that G had improved their "link trust". Bottom line: they make you jump through hoops but they have no intention of helping you in return. Basically, you're just another drone helping them clean their index for free.
If I run afoul of a manual action, yes; otherwise, no.
Does this fill you with an incentive to get cracking on link clean ups? Not a single bit. It's a lot of extra work that makes no difference in the end.