suggy - 10:15 am on May 5, 2011 (gmt 0)
I was talking at a macro level!
Obviously there are many ingredients to the site authority rank, which have clearly changed under Panda.
Likewise, google has a set of parameters for determining content is unworthy (shall we say) and not all are on-page factors. I think I have figured out the gist of thoese.
On a page by page basis, Panda seems to work at a search phrase level. A page that no longer ranks for its primary search term under Panda, still ranks for secondary terms on the page (ie. tanked for Blue Widget; riding high for Blue Widget for Woman)