After having been affected by Panda on the 27th Sept, recovering on the 4th Oct, and affected again on the 14th Oct and not recovered since I have been doing a search for duplicate content on my site, and having read that penalties are now given site wide and not to offending pages I was horrified to see on Copyscape that a lot of articles have indeed been copied by other websites (which aren't of great quality in my subjective opinion!)
So I can rework and reword a lot of these since the duplication for many is below 30-40% of the page content. However I do have some press releases from other sources which I featured on my site since it would be of interest to my visitors and the duplicate ratio is much higher. For these sorts of pages where there are whole paragraphs (as quotations) of duplicate content I feel compelled to just drop the pages since many are old anyway. Would it be best to let it 404? I'm not sure where I could 301 redirect them anyway.
Is it worth featuring any news after Panda and its effects?
I'd say it makes unique commentary essential. So if you're going to repost press releases, you'd better either have something to say about it, or a community of readers who can be relied on to respond.