goodroi - 2:15 pm on Jul 7, 2011 (gmt 0)
Also you should not forget that post Panda many webmasters have tried to delete low quality pages from their website. If you had many links from that type of page then you probably will see a significant loss of backlinks.
One specific example of this would be the free article websites. For years webmasters have been submitting free articles that had links embedded in the articles pointing back to their websites. Some article websites took a big Panda hit and decided to delete all pages with low amounts of content.
Another example would be ROS links. Imagine a blog with over 10,000 pages and you had a ROS link. If that blogger was worried about Panda they might deindex a large amount of duplicate content and poor quality pages taking their 10k pages down to under 1k pages. That would mean alot fewer backlinks coming to your sites from that ROS link.
Let us remember that link quantity is not the most important factor in backlinks. Google has become very sophisticated and looks at quality and relevancy factors. Even if you see backlink counts dropping because of Panda it might not be a terrible thing.