Has anyone been impacted by the recent G changes? One of my sites seems to have gone down quite a few places after the recent changes for a keyphrase.

I generally don't pay much attention to rank fluctuations in search engines. Sites that go down a bit usually return to their previous positions after a month or two. If you go from page one to page 6 then it is definately time to have a closer look but moving from page 1 to page 2 is pretty normal for competitive keywords and the positions often are regained.

I have seen major changes in Google Adsense Profits, Clicks are same while profits from these ads coming down to 50%, has any one seen this ?

Generally if the content is solid and the links are credible then the ranks don't change but a few places up or down. If major movement happened then one of the two wasn't in line with google's new policies.

I am agree that if the contents are solid and links are from theme based pages and they are build on different anchor texts, in this case, the rankings remain solid and stable....