New Google SERPs halved my traffic

Is it just me or have your rankings changed for the worse

[troyid]

Since the start of this month I have watched my directory site slip further and further in rankings. At the start of this month my site ranked #3 for a popular generic term. Today it has slipped to #8. I have watched most other search terms I ranked well for fall as well.

I thought I would wait it out after traffic from google.com halved on the 5th August but as of today it has gotten worse. What is happening? Has anyone else experienced anything like this? How can I get back to where I was?