I keep seeing people post about 2.0, which is obviously a big thing, but there is one key fix. Quality content. I can't stress this enough, you can keep searching all day for other fixes and things that work, and there are some smaller things that do matter, but the best option is quality content. Add more pages of good content, not spun articles, write yourself or outsource to a worthy source. Anyone can spin articles and post them, that isn't working anymore. I've been focused on mainly new blog posts and guest blogging. I've also either rewritten some pages/added on to them or added completely new fresh pages. I've only seen positive things with my websites with 2.0 and I cannot put enough emphasis on quality content. Have a good day!
I completely agree with the emphasis on quality content. However, quality content alone will not fix one's problems stemming from 2.0. My content (close to 300 individual pages) is all "quality". I write it all myself. It is unique and not copied from any other website or source. The spelling, grammar, and style are good (I was a college English major). The content is professional — I have an earned Ph.D. in the field I write about. On good months I have had up to 100,000 unique visitors a month. Despite what I consider a website of fresh, unique, high-quality content, I was hit hard in Penguin 2.0. I'm pretty certain by now that the traffic drop was due to my link profile. I will be working on that.
Link profile wasn't a big factor for me on this perticular website because I had just recently acquired it earlier in the year. The link profile was pretty small so I didn't experience a hit. On one of my other sites that I was paying less attention to I did experience some drops, not major, because of the link profile. Overall most of my sites have been fine. I have been targeted recently by a competitor with link spam, so I am working on fixing that at the moment.
Of course, content is still king and you have to give most of your time for content development, quality links also work but if your site has more quality content and less backlinks then it would be good.