I guess this post illustrates areas where the web as we know it has gone wrong. Some points and suggestions:
Here we have an illustration of a lot of people whose brains danced around in May 2011, to a tune of the Google puppet masters. Who made an essentially political decision and disrupted a few lives. As a searcher I'd prefer to set my own search engine parameters not be at the mercy of people who I don't know and who may not serve my interests. It would be great if web users generally stopped being pure consumers and took more part in controlling their own lives. That would also alter the game for web site owners. Possible actions: There are alternate search engines. Find ways to communicate with the search engine algo designers.
The original post was over a year old when I first saw it (today). I did find an update on the second comment page, it was great to find. It would be even better if an article of this value, were updated regularly. Updated as an extension to the original post, not in the comments. The post comments format has it limitations. For example, it tends to get stale and then clutter our lives, with outdated content. This sort of thing tends to support the contention that the Internet is making us shallower thinkers and more stupid (see book "The Shallows" by Nicholas Carr, and Quora discussion http://www.quora.com/Is-the-Internet-making-us-stupid-and-shallow-thinkers ).Possible actions: Update this original post from time to time. That might make it a stand out like a beacon on this Internet of ours.
SEOnlace points out something very significant. Who and what got REWARDED is as significant as what factors got PUNISHED. The Top 10 of Google SERPs got heavily tilted towards some very, very big players. For many, the ranking drops were due to DISPLACEMENT (shoved down - or off to page 2) which is just as fatal to traffic.
A year plus into Panda (and now Penguin) it may simply be impossible to get a site or keywords back into those top slots, or get traffic levels back to where they were. Too many webmasters and SEO's are trying to fix the past - but survival lies in the now, and what we do moving forward...