Google Penguin update didn't really change anything that Google has deemed unacceptable,they just evolved its algorithm to catch up to those who try to loophole their way to higher Google rankings using Link Building to push the ranking to the top of Google due to this Seems to me that White-Hat Seo's is going to be out of business soon, now after Google Penguin update Google will penalizing sites for any what-hat method you use, Google just prove that to me for one moth old site that get penalty for "unnatural link building" I purchased brand new domain a month ago I added high quality and unique content 1400 word's and I didn't optimize site for SEO just add content, title and some cool images relative to my niche to make readers more focused on my site I created 200 bookmarks using 20 different kw as anchor text including "click here" and straight site domain, to make it as natural as possible as well I pinged my site,after 4 days Google index my site I could find it at serps when I type my domain that Google cached my page, since then I haven't build any links to this site week later typing my site domain I could find social bookmark's with the links point back to my site indexed at Google, but something happen, when I type my domain I couldn't find domain on serp like before I let it 2 days go by and I check it again and it's same thing when I type domain I couldn't find Google cached for my site like it was before,so to make sure I aded domain to Google webmaster tool and I confirmed my site I was shocked when I saw message - Google Webmaster Tools notice of detected unnatural links to Mysite
Dear site owner or webmaster of My site We've detected that some of your site's pages may be using techniques that are outside Google's Webmaster Guidelines.
Specifically, look for possibly artificial or unnatural links pointing to your site that could be intended to manipulate PageRank. Examples of unnatural linking could include buying links to pass PageRank or participating in link schemes.

We encourage you to make changes to your site so that it meets our quality guidelines. Once you've made these changes, please submit your site for reconsideration in Google's search results.....

So Google penalize my new site just posting social bookmarks with the links back to my site ! That's tell me that no matter what type of white hat link building you use you are going to be penalized for "unnatural links" that's Not all Google penalized another my site last week, site is 8 month old has PR 3 it was ranked #6 onto first page of Google for competitive kw I only used white hat link building, last week I saw that my site ranking to be at #6 drop all the way to page 11, I also received message in my webmaster account for that site to: Google Webmaster Tools notice of detected unnatural links to Mysite

It's only going to get worse from what I see so far, this is just beginning of the SEO nightmare, how else you could describe it ! regarding new Google Algorithm update and Over Optimization Penalty I see that over time thing is going to get worse and worse, a lot of folks making mistake think that Over Optimization Penalty is only mean ON-Page if you do "Keyword Stuffing" NO it's mostly mean OF page unfortunately with new Google Over Optimization Penalty they going to penalize any site that use "link building" to climb the ranking to the Top, any link building it will be consider as the spam to Google, anything you do to affect the rankings will eventually make Google mad and you will get penalized for "unnatural links" what is the point to putting so much time and effort to achieve #1 ranking if you are going to be ranked #1 temporarily...then after your site is wanish
in the new coming Google Algorithm update for Over-Optimizes SEO, Google is going to cracking down on over-optimised link footprints, If a webmaster continues to build white-hat links then they will face the consequences in the long term penalty for "unnatural links" because any link building will be consider as the spam by Google I see that is gonna be extremely hard to climb the ranking to #1 on Google

Here's the what is gonna happen to your site after latest Google Penguin update:

1.You keep building the links to climb the ranking over time it's very likely it will trigger the penalty for "unnatural links"

2. even if you get #1 ranking you will need constantly build links to maintain that ranking this also will trigger the penalty for "unnatural links"

3.even if #1 ranking doesn't trigger the penalty by Google the worst scenario is that somebody from competition can easily build a couple of thousands of spammy low quality links towards your site using one anchor text and trick Google into thinking your site is over-optimized and you will get penalized for "unnatural links"

White Hat content driven SEO has left the door open to spam attacks.It's far easier and cheaper than White Hat SEO to harm competition sites ranking Google still penalizing sites just for using white-hat SEO (Google just prove to me with my one month old site just using social bookmarking) then image how fast you are going to get penalized if somebody sent thousands of spammy links to your site...I thing Google will change this "unnatural link building penalty" over time as they realize that high quality content site can be penalized that easy by competition but that may take 2-3 years before they change.

that's NOt all making good profit with SEO is becoming harder and harder...do you know that Google's semantic search may trigger the death of SEO.

this may sound even worse, Google's semantic search is more extensive formula for new Google Algorithm update, semantic search the top ten results onto first page of Google will move further down the page where Google will provide answer to the users based on they search so if you have site ranked #1 your site will drop to #2 as Google will rank they answer to #1 spot so this way you are going to lose a lot of traffic as most users will click on #1 position, The potential loss of income due Google's semantic search for SEO is going to be huge.
The problem for website owners it means websites will not be able to measure their "reach" within Google search results, because users will not necessarily be clicking through to their website if they can read these answers directly on Google as they provide answer at #1 position....anyway I just see that things is gonna get worse and worse regarding SEO