Danny Sullivan put out a new article with some fresh quotes from Matt Cutts. From this, we know that he has deemed the Penguin update a success. In terms of false positives, he says it hasn't had the same impact as the Panda or Florida updates, though Google has seen "a few cases where we might want to investigate more."
Sullivan confirmed what many of us had assumed was the case: Penguin will continue into the future, much like the Panda update. Cutts is even quoted in the article: "It is possible to clean things up...the bottom line is, try to resolve what you can."
The Good News
Depending on your outlook, this could either be taken as good or bad news. On the good side of things, it means you can come back. Just because your site was destroyed by Penguin, you still have a shot to get back in Google's good graces - even without having to submit a reconsideration request. Google's algorithmically, assuming that it does what it is supposed to, will detect that you are no longer in violation of Google's guidelines, and treat your site accordingly.
The Bad News
The bad news is that there is always the chance it won't work like it's supposed to. As I'm sure you're aware, there are many, many complaints about the Penguin update already. Here's an interesting one. Many feel like it's not exactly done what it is supposed to. Another perhaps not so positive element of the news is that sites will have to remain on their toes, wondering if something they've done will trigger future iterations of the Penguin update.
Remember when Demand Media's eHow as not hit by the Panda update when it first launched, but was then later hit by another iteration of it, and had to delete hundreds of thousands of articles, and undergo a huge change in design, and to some extent, business model?
But on the other hand, eHow content is the better for it, despite a plethora of angry writers who no longer get to contribute content.
There's always the chance that some sites have managed to escape Penguin so far, but just haven't been hit yet. Of course, Danny makes a great point in that "for any site that 'lost' in the rankings, someone gained."
It will be interesting to see how often the Penguin update gets a refresh. There were two Panda refreshes in April alone (bookending the Penguin update). It might be even more interesting to see how many complaints there are when the refreshes come back, and how often they're noticed. Even the last Panda update went unconfirmed for about a week.
Either way, be prepared for Penguin news to come peppered throughout the years to come. Just like Panda. We'll certainly continue to cover both.