For the sites I've analyzed, Panda ranking drops are very much phrase specific. To be exact, they are drops for a phrase/page pairing. At the same time, other phrase/page pairings can improve, not just maintain.
As far as an OOP, I haven't seen those penalties given to phrases that are extensions of the core phrase - only the core phrase on its own gets nailed. In fact, those longer phrases are sometimes the one slightly bright spot after an OOP hits the main phrase.