An interesting thread at WebmasterWorld is asking SEOs to take a step back, relax and wait. Then think - what is the best user experience for your web site visitor and don't worry too much about what works with Google.
Easier said than done - but the webmaster in the thread said - it may be something more important for your SEO than you know.
He cites a discussion from August where a Google patent was analyzed on how Google may change rankings to trick spammers into changing their site and then change the rankings back. Yes, they will temporary shift the rankings around to see who reacts first to try to counter those ranking changes. It may be used as a signal to see which web sites obsess a bit too much over SEO and may raise a red flag for that web site.
So the feeling is, when there is a major ranking change specific to your site - maybe not react too fast.
Forum discussion at WebmasterWorld.
Image credit to BigStockPhoto for diving into a cup image