Quote from their announcement:
"We want people doing white hat search engine optimization (or even no search engine optimization at all) to be free to focus on creating amazing, compelling web sites."
Maybe a very diverse link profile with contextual links from related, quality sites is what Penguin wants to see. Everything else is unnatural.. And where it sees unnatural it devalues it very harshly without looking at positive signals.
Some of my findings:
Some guy has lost his rankings and Google replied to Re-inclusion request pointing to couple of footer links from very related sites as "unnatural"..
Local seo consultant was putting "uk seo", "town seo" links on his client's sites and was ranking well for years - Nowhere to be found now.
My 1-2 page sites with very diverse anchor text link profile are doing ok. Links are from all kinds of sites and various positions on pages.
My "good and useful" site that had a lot of natural links, and also paid links has lost all its main rankings. Still gets few random top 10 searches for some phrases to homepage and internal pages still rank as they were. Did have unnatural links massage few weeks ago, but dropped on 24th. Cleaning up on-page and will be improving link profile and hope for the best.. Not sure whether there's a need for re-inclusion request or not.
Another site I have was sitting at position 3 few weeks ago. Wasn't a money maker but thought I'd bump it up to no.1 and carelessly created 30+ exact match keyword links to it, went to no.1, dropped to nowhere on 24th..
Some sites that I have not build too many links for are pretty much unaffected.
Too big percentage of exact match links was a problem pre-penguin, possibly it's now amplified, ignores any positives site signals and penalises sites rather than not counting these links.
Maybe once they started their unnatural links findings and sending messages to webmasters, they realised that most of unnatural links are with exact match keywords, in the footer, in spun content blogs etc and changed their algorithm to spot such link sources. And although doesn't seem too logical or fair, penalising sites the links are pointing to. Forgetting that even top sites and top brands had to buy links to rank for competitive keywords, they created this links industry now they penalising for it..