Google's Penguin has hit again - guilty or not, is there a way to recover?

Penguin v2.1 Recovery Options

Well Google has rolled out another update of it’s Penguin Algorithm aimed at websites who have been ranking high due to poor quality links from spammy type sites (link farms, content farms, etc.). My mailbox has been buzzing with people who have seen their traffic plummet since the weekend and as this algorithm is still rolling out there may be more to come.