I haven't brought up the geo-targetting in the Panda threads since it simply adds more confusion to the overall pie!
Without doubt Panda has affected country-specific searches, my UK registered and hosted example.com is having a torrid time in the UK SERPs but climbing back nicely in the .com SERPs however my example.co.uk is doing extremely well in the UK SERPs with everything now on the first page although it is nowhere to be found on g.com, I'm not worried about that since it is targetted at the UK.
I am now assuming that G has decided my example.com is my international site and that it is going to push that site in the g.com SERPs meanwhile at the same time mostly remove it from g.co.uk
I do know things have been moving this way for quite sometime but it's seemingly just become a whole lot more complicated for the way I promote my regional sites.
Interestingly my example.in so far has not had any issues with g.co.in