Our Google.com traffic dropped 29% last week, and we get a fair amount of International traffic too (24%), so we'll probably drop further when the change is replicated to .ca, .co.uk, etc.
Looking at our keyword traffic (or our SEOMoz ranking report), it's really clear that our biggest decreases in visits came from stem keyword searches like [botox] or [invisalign] where we were on the first page of results. The ironic thing is that those pages have low bounce (17% and 27%) and no AdSense ads. We removed the AdSense ads from the landing pages a few months ago to simplify the initial visitor's experience.
It looks like Google is treating those pages as a list of blogs instead of a TripAdvisor hotel listing. Many of the sites that were hit in this update were faux blogs targeted to high CPC keywords.
Since last May, we've been frustrated that Google keeps ignoring our meta description in favor of the first review snippet on the page. (Bing doesn't do this.) Even if our rankings are down, we at least want to present an accurate view of the thousands of reviews, photos, and answers that our site has and not be treated as one person's blog.
We've tried a lot of thigns to get Google to pick up a better meta description, but at best it only works on our site search for a few hours and then Google takes user text from a freshly updated review. At this point it looks like our only option is to pass the first words of each review in a JSON array and display it using Javascript, possibly on mouseOver. Its frustrating that we have to do such contortions, but as Fred Wilson says, it "sucks being a Google bitch."
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