Well, I recieved a "manual action" notification yesterday of the following type:
(Unnatural Links to your site - impacts links)
However, we haven't noticed any significant drop in the rankings. In fact, it doesn't look like there's been any drop at all.
Our traffic decreased by about 15% some month ago, so I wonder if it is possible that the action was taken at that time and that only now that I received that notification.
What I also want to know is how long does it take for a penalty or manual action to get into effect and actually start influence traffic/rankings - immediately, a day, two days, week, month?
I can only surmise that I received the notification long after it was taken (a months ago).