thirteen - 4:25 am on Jun 4, 2011 (gmt 0)
I have a niche site and at the beginning of Panda rollout which did well. There was no Main Street established brand in that space. Traffic stayed the same but Adsense CPC payout went up. I figured Google was giving out more adsense dollar to the remaining ads that got clicked since all the other site lost their traffic. In order for Google to maintain the same revenue with less click, they must have given out higher click payout to site that survive Panda.
Unfortunately, adsense revenue did not make up for the loss revenue on affiliate site that got bitch slapped by Panda.