I was having a poke around at the sites on the Sistrix winners and losers list for Panda#2 when I stumbled across this.
It seems (and this was only for a very limited number of sites) that sites which got Panda'd are more likely to have more content which is of an advanced reading level.
To see what I mean pick out a site that got hit, turn on the reading level filter in advanced search options to "annotate results with reading levels" and type "site:url.com" into the search box.
I did this for 30 losers and 15 winners from the Sistrix data as well as 15 winners and 15 losers from Greenlight data. In both cases the losers had a higher average % of advanced pages.
For Sistrix data 7.7% of pages from losers were of an advanced reading level compared to 3.4% for winners.
Greenlight was about the same.
I'm just putting this out there in case anyone wants to look into it in more detail. There are several possible reasons not to draw too many conclusions from my findings -
1- it's a tiny sample.
2- there might be unknown quantities in the reading age algo
3- it could just be that content farms are more likely to have copied/spun/rewritten advanced content than other sites.
4- it could be the lack of editorial control on content farms means they don't have a house style so are more likely to end up with advanced content.
Basically don't go causing a panic by assuming that this is correct. It's probably just a blip.