Put all your Link Building and Off Page efforts on hold for now.
Google has admitted that search results are collated and updated by hand now, and not on the fly as they once were. This, presumably, is because of some of the fall out from the search results the new Panda update was producing. Basically this means that any changes or updates to the SEO side of your site will only start to change your rank either when the next update is rolled out (whenever that is) or when you site is give a full re-index. By all means continue to build content, but you might be wasting your time with article submission.
Don’t Panic
There is every chance that the current changes are not permanent. Google has said that they are rolling out changes to their algorithm regularly (12 since April). They continue ad-nauseum to talk about quality sites, but it seems they can’t see the wood for the trees, as there are lots of queries that are now bringing up low quality blog spam, where they once had better sites. For instance, a search for “link building matt cutts” and “Google Panda Update Matt Cutts” both still bring up non-english or single line or ZERO CONTENT web pages on the front page.
Also, you should know, you are in good company. Jim Boykin who is sometimes seen as a godfather of SEO just lost $17500 a month because of the update.
Keep an eye on the discussion
Google is encouraging people affected by the latest update to engage in discussion. What this will do is up for debate because as one poor sap found out, their answer may just be “improve the quality of your content” even if you have only ever produced original content.
There really is no way of knowing what to do
For all those websites advocating improving content, the fact that Google is tweaking by hand and updating at random intervals shows you may just be wasting your time. You could waste all your time rewriting content, deleting tags pages etc, only to find that Google eventually recants and goes back to how things were Pre-Panda.