Summing Penguin up with some key pointers
Linking is no longer about exact keyword linking - in fact I guessing well see a lot more URLS used for the link (
www.site.com) rather than keyword, along with "click here", "more" and some keyword linking - but linking networks are out and the buz is link pruning assuming you can get the webmaster to play ball in an effort to get better links, but don’t assume dropped rankings to return until you replace the poor quality inks with quality
On page is about shallow/thin content combined with making sure you do every effort to make sure your pages don't look like doorways - if you read the page and your seeing the same set of keywords as the page title repeated then its over optimised and you will pick up a penalty
Panda / Penguin does got a lot deeper than those points but in my view those are the main ones