Based on what I've read, plus my own experience - which includes over 20 test sites, and a private forum with hundreds of users reporting on what they're seeing and hearing, I believe this update offers huge opportunity for those of us intending on being long-term players, and willing to put the effort into their businesses accordingly.
I just posted an article on my blog with my own analysis and what I believe is necessary to benefit from the changes (Making Money Online). Boiled down somewhat it entails:
Whether it's for your own 'money' sites, for syndication, or for Web 2.0 sites, quality and originality are more crucial than ever. This means, no cheap outsourced content that's essentially worthless fluff, no more poorly-spun content, and certainly no more auto-scraped content. Articles should be at least 500 words, preferably more, and 100% grammatically correct. If you're spinning content, stay above 50% 'uniqueness'.
Include outbound "DoFollow" links to relevant quality and/or Authority sites.
For syndicated content, make sure all links are relevant, meaning no resource box links that have nothing to do with the article.
If you're playing in those high-spam arena's such as the ones that EZA is halting i.e. 'male enhancement', etc., you should seriously re-consider a different focus.
If you're doing the 'single-keyword-focus' thing, i.e. X-factor micro niche sites, Google Sniper sites, either re-consider your business model, or extend them to a larger thematic / niche focus.
Link diversity and link relevance are the name-of-the-game. Don't let your backlinking profile depend on huge numbers of similar lo-value links like profile links. Diversify - syndicated content, social bookmark and social media links, etc., and look for in-content 'editorial' links such as guest-blogging.
On the one hand, succeeding in a sustainable, long-term way is probably going to mean a lot more effort than it once did. This is a sign of the IM industry maturing. On the other hand, it will 'thin out the herd' to some extent as it becomes harder to succeed with automated short cut solutions, but if you're in this to build a real business, the playing field will even out somewhat such that those building higher-quality sites won't find themselves so easily out-ranked by keyword-stuffed, over-optimized junk.
I'm sure there will be a whole slew of new ways to try and game things, but I also believe the tide will continue turning making the 'cost of entry' to 'quick & easy' success higher and higher.