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Matt Cutts used the term "data refresh", which seems to imply that no changes were made to the Penguin part of the algorithm. So We need to see some reports from people who have made major changes to their site, and/or got rid of a lot of backlinks.
I've had 100k links removed (from a handful of sites that were linking sitewide), some over a month ago, and they are all still showing in WMT. I wouldn't expect changes in my ranking until all data have been incorporated.