Here’s the video from Matt Cutts but if you can’t be bothered listening to him ramble on I’ll give you the shortened version: Unless you are a very big website with lots of resources you are about to get your ass handed to you (again).
I had the great joy of waking up 3 days ago to a Google Analytics view that showed traffic on my last two Panda/Penguin proof, 100% original and no links ever built to them sites gone almost to zero. A quick look at the search results for some of their popular phrases shown people that have ripped off my content ranking above me now, I’m sure glad I spent 10 years building those sites up for people to “borrow” the content. But the May 2013 algorithm update is only a tiny preview of what is to come according to Matt, I can’t wait!!!