My experience is that traffic has reduced, but that user engagement metrics (bounce rate, exit rate, and time on page) have increased postively. I haven't had SERP losses for important keywords so the traffic that has disappeared is likely to be from search terms that are less relevant for the pages.
I would guess that Google trying to rank pages that give better user enagement for types of search term.
The search results are still poor. There are many irrelevant pages ranking in the top 10 for terms I would expect to see other better sites ranking for. But that might also be consistent with increased weight on user engagement - words on the page are less important than they were, and thus sites focussing on just good written content are demoted.
I'm thinking of designing landing pages that are focussed towards making the visitor act, rather than giving the visitor what he wants immediately. Competitor pages that seem to be doing very well all have a mixture of reasonably long content (700 to 1,000 words) and a call to action for a free product (whether it ends up being free or not). To get the "free" product, you have to click through to a lead gen page. In other words, there are extra steps for the visitor, but the user engagement metrics for the landing page are good.