Do you mean that the Panda demoted sites have proportionally more outbound links, or that they have proportionally fewer outbound links?
more internal links than outbound ?
um it might apply to "sites" where the whole site has been hit - where specific pages have hit I can't see any relationship i.e. I have pages with the same ratio internal to outbound - some have been hit some have not
therefore my theory is that there is another re-shuffle to come ( I live in hope )