I have a site in the UK completely decimated by panda and slowly dying (from over 2k per day to 400 now; loads of #1 positions now #8 to page 2) but I am making more sales than ever.
I think there has been a much better targetting of traffic, coinciding with Panda. Ted mentioned it recently too- a client who hadn't noticed the pandalisation of his site due to the uptick in conversions.
Losing 80% traffic but maintaining sales suggests to me that the "lost" traffic is just having it's intention more closely met elsewhere.
[edited by: tedster at 6:39 pm (utc) on Jul 23, 2011]