There are some good news about this scary update.
As the requirements for quality content are going higher, the need for better SEO specialist is going to appear. This means, the SEO industry continues developing. The best experts could teach and advice others.
As the update affected many sites, there is a need to improve PR and SEO strategy of on-site appearance.
Links from reputable site are getting more important than websites normally considered as a SPAM.
Going away from black-hat techniques as link farms and sources of web spam.