Ummon - 3:11 pm on Jul 13, 2011 (gmt 0)
Seeing the same thing here. Heavily Pandalized site. Went from 2000 uniques to about 300 from google per day after the iterations of Panda. Did the following
1) cut back on posting (its a blog) from 6 per week to 3. Longer posts.
2) took a months worth of post panda data and found every page that google no longer sends traffic to
3) Noindex/nofollow all of those pages (300 out of maybe 1000).
Google is on track to send me 1000 visitors today. Not 100% but encouraging