We were under penalty for certain keywords as a result of a poor link building strategy in the past. This led us to have to use the disavow tool in a fairly broad manner. The results were pretty inconclusive though, while we certainly saw some of the keywords recover as a result, this was not in the manner that they were at before penalty and we saw the most dramatic effect on the long tail keywords.
There were instances of shorter keywords improving, though this was fairly minimal. What I would say though is that it is still better to disavow those spammy backlinks now than suffer in the long term as a result and even if there is no improvement I would not necessarily expect to see a drop as a result.
Tim