I've had exactly the opposite over the last couple of days on one particular site - traffic is significantly down but conversions have doubled - The entire site (all 60,000 pages) was reindexed by Google four days ago over a 36 hour period, shortly after I updated every catalogue feed that we have.
Therefore the traffic we are getting at the moment is highly targetted and specific, therefore conversions are up - my theory is that traffic is down because Google itself has dropped our pages "significance" internally slightly (because they've changed), but is hopefully about to add them back soon! 
Cheers,
Darren.
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DarrenW
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