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I'd say that blackhats are having their day. The dark spaces are even darker than before the update.
Maybe you shouldn't have fixed the: "duplicate title tags and meta descriptions."
Dear site owner or webmaster of [yourdomain.com...]
We received a request from a site owner to reconsider [yourdomain.com...] for compliance with Google's Webmaster Guidelines.
We reviewed your site and found no manual actions by the webspam team that might affect your site's ranking in Google. There's no need to file a reconsideration request for your site, because any ranking issues you may be experiencing are not related to a manual action taken by the webspam team.
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Google Search Quality Team
As our algorithms change and as the web (including your site) changes, some fluctuation in ranking can happen as we make updates to present the best results to our users.The BEST RESULTS FOR USERS? I think anyone who has recently searched for anything on Google will pretty take issue with that statement. Yesterday I searched for a lawn mower belt and a local parts store. I couldn't find any local stores on page one, two or three...I had to switch to Bing to find the belt itself. I did get plenty of dictionary & e how pages telling me what a mower belt is for though (lol).
[edited by: backdraft7 at 1:41 pm (utc) on May 23, 2012]
...but I am baffled as to why Penguin relegates some sites to position 3 for the company name...
Penguin at day 30. No improvements. The sad state of Google. The viag$a serps are unchanged. Don't click any results, it could harm your computer. I hope consumers out there gain some awareness soon, especially in other sectors with regard to the phishing and scam sites that are ranking where older/trusted sites once did.