yes its definitely effective, directory submission still helps a lot in SEO if u add your website in a proper category of a high PR directory ( minimum PR 3+).
This is way more than the Panda update where only 40% said they were negatively impacted by the Panda update. Again, it depends who takes the poll but huge differences. Note, Panda was a larger update and should have been felt by more sites on the web. But Penguin was likely targeting specific SEO techniques, because it was originally named the over optimization penalty.
Direcoty submission is effective if you do it on relevant sites...The sites that were hampered had backlinks from irrelevant directories... so submit in relevant categories and in a limit...
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