I’ve written a complex and detailed article about what to do and how to rank your sites after the Penguin update. SEO is harder and you have to put a lot more effort and care into link building, but you still can rank, and maybe it’s easier because all the lazy and sloppy linkbuilders wont’ be able to compete with you. The cost is that you really have to be careful how you go about linkbuilding and it may take substantially mroe effort and time on your part to set up / get the links you need to get. Automated linkbuilding and low end link networks is SOOO 2011 folks.