Whitey - 1:58 am on May 23, 2011 (gmt 0)
I may have missed something but I haven't read one report of a sustained return from the "Panda Slap" . Presumably, folks have been busy writing new content , taking down "thin" pages , boosting links ... etc etc ...
... and Google doesn't comment on penalties.
I think this is more than a slap. Is there a time / trust element in the release from the Panda's grip?