After Panda the page rank of our best site went down from 2 to 0, but has returned to 2 a while ago. So I'd say the PR returned back to it's old value long before this new update. However, site listing, and thus site visits, are still way below pre-Panda. We played around with SEO, tried to follow G's guidelines, but it was just a waste of time as it has changed nothing at all.

What to expect from this new update?
Most likely G listing will become even worse and less visitors again. And the top of listings will still be crowded by static sites that offer little to no value for visitors and that are clearly not following G's guidelines.

The funny thing about G is that they are punishing sites, but at the same time they make it top secret why you've been punished. I mean punishing is okay, but at least the one who punishes you should say what you're doing wrong. But then, it would make thousands of SEO companies go bancrupt.