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I had been experiencing gradual recovery since Penguin, with my key term page back at the bottom of page 1, and home page (in top three positions before penguin) up to page 5 for key term.
Today the key term page has dropped back to page 2, but the home page has dropped below page 50 (Startpage finds it on p 47) for key term.
I has all the hallmarks of Penguin 1: exact term and page (e.g. <key term location> is OK).
It might be just a temporary glitch (I hope so!): I can't see what on earth would cause that kind of penalty now.
[edited by: tedster at 2:51 am (utc) on Dec 3, 2012]