Andy_Langton - 3:45 pm on Feb 22, 2013 (gmt 0)
For a direct answer to the question, yes, sites affected by Penguin and Panda can still pass link value. My assessment is that in many cases this ability is severely reduced, but is still present depending on particular circumstances of the link. Indeed, most sites suffering from Panda/Penguin still rank for some things anyway.
As an aside, not being able to pass benefit does not equal not being able to rank, nor does it equal passing 'negative' value. All of those things can occur together or in isolation and are not necessarily related at all.