I watched the video yesterday too Manny, and I am of the same belief as you. Penguin is a combination of onpage and offpage factors. Also, not that senuke would put out anything inaccurate, but one would have to question their opinion being unbiased. As one that sells software to build links, any change Google makes could impact their revenue.
I had a boatload of sites with unnatural link notices in webmaster tools. It took about one day to clear that up on all of the sites, which by the way are all small inconsequential sites compared to my main money makers. My main money makers have nothing related to Google on them nor were they in webmaster tools. Anyway, I recovered one of these small sites from around position 6-> 490 (penguin) ->9. The same technique was applied to the other sites and none have recovered. The only reason why that single site recovered is likely due to Google tweaking Penguin some.
So how can we fix our sites so they rank better? We can't. Google's algorithm is still in a state of flux and more algorithm tweaks will follow. Search for python hosting and the top site is a forum thread from 2008. Search for car wax and the top site is a meguiars.com page which does not have the word wax anywhere at all on the page (not in the title, description, visible text, alt image, etc.). One would think turtlewax.com would be above that, considering their brand in the car wax market and the fact that they do at least have the words car wax on their page. But turtlewax.com is sitting at position #4, which is below consumerreports.com too.
If we hatchet up our sites now, when Google settles down our sites are likely going to be buried deep in the serps. Be careful in what you change on your sites is my best advice. Doing nothing is better than taking quality content and diluting it to appease penguin.