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The Penguin update is on par with the Panda update really. They're both about devaluing links that don't serve any real purpose. From what I've seen, neither update has affected local search very much but those that have been hit by Penguin are hit HARD.
If you have been hit by either update, then your best bet is to try to create some unique, useful content that people wil naturally link to.
Yep. Forums tend to rank well because of the amount of genuine content. We don't have many spammer (if at all!) so this update could only cause a positive effect.