I work on a website that lost a little over half of it's traffic with the April 11 Panda update.
Nothing changed until the Panda 2.5 update, when bounce rate dropped back down to Pre-Panda levels and we recovered some traffic. After a day or two it dissipated and we were back to the post-panda baseline.
October 13 we saw a massive recovery in traffic - back to, if not higher than Pre-Panda levels and it's holding.
However, the traffic is different. Our bounce rate is almost double what is was Pre-Panda and our time on site, and all engagement stats have decreased.
Is anyone else experiencing anything like this? A return of traffic, but clearly low-quality? I don't want to assume it's low-converting, because it's too early to tell, but something is definitely off and I take the approach that we have to work with what we've got (for better or worse) and I try to focus on the user above all, but I am a little befuddled with what's going on.