deadsea - 11:44 am on Apr 25, 2011 (gmt 0)
I have a site with about 20 million pages and about 100 million urls that redirect. Googlebot regularly crawls a couple hundred thousand status 200 pages and a million status 301 pages. It ranks fine in Google both before and after panda. Its not the number of redirects that Google would object to. Its redirecting a large number of pages that had previously been indexed all at once.