brinked - 2:33 am on May 24, 2011 (gmt 0)
If your site was slapped by panda then you must treat the situation as you would like any other penalty.
Why did your site get hit by panda? Google released a new set of rules that takes in different factors and calculates them to see if your site should be "re ranked" if you hit this so called "quality threshold".
What happens with a penalty? If your site falls into one of googles quality algorithm filters and it calculates your site is being mischievous you will also be "re ranked"
My definition of a penalty is anytime your site loses rankings due to a new set of rules released by google. The only difference between the normal google penalty and this panda penalty is that panda is more based on quality where as regular penalties are more based on punishing webmasters who are trying to intentionally manipulate googles algorithms such as buying links, hidden text/links, over optimization etc. These are all penalties that can get you bumped a little or bumped out of google alltogether...just like panda.
Tedster does not like to think of panda as a penalty but I think this is just a new addition to googles fine line of penalties. Either way, it is what it is and there really is no official phrasing for these filters/re rankings etc. It is best to keep it simple, something is causing your website to lose rankings.