I've seen so many people on this forum the past two days crying about this update, many of them with SEO sites/services in their signatures. I'm far from an SEO expert yet I know that every single time there is a major update, the SERPs take 2-4 weeks to settle down. If I know this, shouldn't your SEO expert?
If you're on your own doing SEO, do not react to this update yet. Let things settle before you make any decisions or you will just shoot your toe off.