In January, Google released the page layout algorithm, which penalized a small percentage of sites placing ads in annoying places on the web site.
A WebmasterWorld thread is asking if this is an algorithm that is run in real time or very frequently versus an algorithm run manually about every month or so, similar to Panda or Penguin.
Most believe it is more of an automated penalty run in more of a real time fashion. I do believe it is automated but I doubt it is run in real time, but I don't have any inside information on that. Just my gut feeling.
In any event, I have not seen any major concerns about this penalty and I have not seen any major public posts that sites have recovered. Either way, I do know of some sites who were directly hit by this update.
Do you? If so, take my poll:
Forum discussion at WebmasterWorld.

Comments:
Bill
06/25/2012 07:01 pm
I have not recovered after more than 1 year after fixing the problem. I have written an article detailing why my site was penalized, what I did to recover, and why other sites were hit. I have also detailed about how the Panda algorithm works, based on how it has affected my site and others that I know about. I have not seen this information anywhere else: http://goo.gl/b3bv5
joshua
06/25/2012 10:42 pm
Google has already told us: "If you decide to update your page layout, the page layout algorithm will automatically reflect the changes as we re-crawl and process enough pages from your site to assess the changes. How long that takes will depend on several factors, including the number of pages on your site and how efficiently Googlebot can crawl the content. On a typical website, it can take several weeks for Googlebot to crawl and process enough pages to reflect layout changes on the site." from http://insidesearch.blogspot.ca/2012/01/page-layout-algorithm-improvement.html back in January. It's real time as crawled. No longer part of panda since Jan 2012.
somebody
07/13/2012 08:35 am
and ban your site according to new layout. It only google allowed to display ads above fold and provide bad user experience with lot of 404 pages, smart search query rewriting, etc.