I fell your pain. The biggest hit i took outside of the Google Panda and other updates was when Hubpages deemed my hub unfit for advertising. I was starting to make almost 50 dollars a month from amazon on that hub alone, and over 20 a month from google. I never recovered my earnings since. The hub sitll retains over 50 views every single day and would make me the same amount it always has if they would just let the ads on it again.
I have yet to have any hubs enter the network program thing but I do have a ton of unfeatured hubs because I can't be active enough to keep maintenance them every week to ensure they stay featured. While I honestly hate Hubpages choices lately I tried almost every other online money making avenue I can and Hubpages is the only one that works for less then 30 minutes of work time a week. I do love the site, I love my history here, and i would never leave it for good - but I just really wish things could go back in time before google panda, before they deemed my article not fit for advertising, and when anything I posted got at least 1k+ views. I have some hubs after panda that legit been around for 2-3 years with less then 1k views on them. It does make me sad.