Yes, I was about to mention the honeymoon period as well. I had exactly the same issue. I can reassure you that yes, a few quality links would do wonders for your site. That's all there really is to it.
Latest posts made by CTGUK
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RE: My new site experienced a sudden drop in Google rankingsposted in Affiliate Marketing
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RE: Too many links... OOPSposted in White Hat / Black Hat SEO
Scary stuff, Brian.
I know that sinking feeling. Just got bombed myself. Whether by Panda, because of user experience or a little too over optimized anchor text, I am not sure yet. Two weeks and my ranking have yet to come back.
Clean up the site, remove the bad links and cross your fingers for a speedy return is about all you can do.
Good luck with it.
I am a 36 Danish year economist turned entrepreneur. People who knows me have described me as a business agnostic with the concentration span of a three year old. I get bored every five to seven years with the result that I stop what I do, find somebody to buy/manage my shares/company and move onto something else.
Having been in IT Distribution/brokerage before, (Cisco, 3Com, HP, Compaq, IBM etc.), I currently own a construction company focused on high-end commercial and residential properties in the central London area, employing between 20 and 40 builders. The idea was to buy and sell properties, but since the times have been a bit rough we have ended up doing client work… And it bores me… So, true to my nature, last year in March I decided I wanted to work with something which could give me back my international freedom. Sitting on a beach in Thailand with a laptop was kind of what sprang to mind. 
Having found my next venture, (obviously web based), here I am, having studied SEO for the last six months. And what a joy it has been. I have truly enjoyed the ride and although my new company has not reached its goals just yet we are well on our way.