I was hit on October 5, so definitely Penguin Update. My homepage dropped 500 places and is yet to recover. What I was able to do was recover all the internal pages by restructuring the site and internal links. This was effected within a couple of days, so no didn't need to wait for Penguin refresh.
What I thought was interesting was that it wasn't a whole site demotion that people have described Panda as but almost a page by page penalty.