shortbus1662 - 3:52 pm on Jun 16, 2011 (gmt 0)
I have had two sites get murdered by the Panda update. One of them was a 10 year old authority site and the other was a fairly new tablet related site.
I had done zero link building for the former and quite a bit for the latter. Adding a couple of relevant authority links here and there for both has shown zero change in ranking for me.
For the newer site, I got some quick, worthless links and it brought the site back up for about a day or two and then dropped right back down.