tedster - 6:05 am on Jun 26, 2011 (gmt 0)
Panda is not seeing that at the moment.
I don't think Panda is intended to see that kind of thing. It's core spam, not shallow content that falls in the "no man's land" between the spam team and the main algorithm team.
I agree, the day's of this kind of spam are numbered, but we just aren't there yet. But for anyone who hasn't noticed what jumps out here - note that on-page anchor text seems to be a strong relevance factor for the page where it appears, not just the target page. In fact, this factor sometimes ends up making the "wrong page" rank higher that the "right page" which is just one click away.