We've experienced a sudden drop in traffic since Nov 16th 2012, then a slow day-by-day for the past couple of months. Because of this, I've searched the site for any low quality pages that I can remove in case there was something triggering panda/penguin.
Things like tag pages and some older low quality forum posts have been removed, but this has caused a significant number of 404 errors (there should be no links to these pages from our site now, as the tag generation links and threads no longer exist).
After we did this, overal traffic seemed to decline rapidly - even though those pages received minimal traffic.
Has anyone seen a rapid traffic drop when a large number of 404 appears (excluding the traffic you'd expect to lose from those pages)? Does this recover after time or is the traffic drop a co-incidence?