This sounds scary but this is a heads up for all of us. If you think you are doing the right thing I don't think it will hurt to check on your site and make sure everything is okay. But if you think you have some bad links to your site then I think it is the best time to clean up and fix everything, and don't wait for the update to finally rolled out.
Totally agree with you. For all the webmasters who have been waiting for a long time to see improvements after being hit by the algorithmic Penguin update, this would be it.
I believe this will be finem If you have a good content and you have not done anything silly, You need not to worry.
I wouldn't wait for a Google update to take care of SEO work on a site. You should always be keeping track of your backlinks and other SEO items to keep everything clean and current. That way you should not be caught on the little updates that Google is doing all the time.
If you have a bad link profile when Penguin 3.0 comes out you will be in trouble. You will have to wait till the next refresh before you recover. If you have any bad links, start removing them now!
With every update people start worrying about how it can affect their rankings and how bad your website got hit. But, if you plan things and do better work then no update can harm anyone. One should always keep on doing right thing and they don't have to worry about tears.
We need to analysis our website backlinks. And if some link are irrelevent. Disavow the link immediately.