netmeg - 2:33 pm on Jul 6, 2011 (gmt 0)

Theoretically speaking the backlinks from panda sites are probably worth less. I am not saying they will pass less link juice. I am thinking that a site hit by panda probably has less traffic and therefore less referrals are being sent through the links to your site.

Definitely seeing that. One client was not touched by Panda, but the industry directory with his listing (that sends us a lot of traffic) was pretty much wiped out.