It seems for me that penguin was page/keyword specific and that ranking loss was mostly due to inbound links with keyword anchor text. New pages/content seem to rank fairly quickly and old pages that had no link building done for them still rank well.
The page for my experiment is example.com/widgets
example.com is an exact match keyword domain for our primary keyword and "example widget" is a quality secondary keyword. example.com/widgets ranked #1 for example widget prior to penguin. Now ranks #28. It had inorganic links pointing to it with heavy keyword anchor text.
Copying example.com/widgets folder to example.com/widget
Updated all ON SITE links to point to the new folder.
Not creating any inbound links.
What to do with the old pages?
1. 404
2. 301 to the new folder
3. other