My sites that I built many links to got hammered by the update but the ones I took care of and built only 50 or so links a week to didn't. All I have been focusing on is onpage stuff like content and getting the visitors to stay on my site longer and take action.
I read somewhere on here I forget where and it was a quote from Matt Cutts don't know the exact quote but something along the lines of webmasters not worrying about search optimization and focus on user experience.
This is very interesting to me that a site that hasn't been touched is dominating even when the competition has more links. Honestly if I could spend less money and time building links and more time on my content and valuable information the better the site would be. Not sure how this will effect new sites in bigger markets, I think those may be coming to an end or take years to build any kind of credibility.
It's a exciting time you can be negative or adapt, web marketing isn't dead we just have to push through it and learn the new generation of search rankings.