I have seen some recovery and let me tell you what I think the real secret is to beating Panda:
You can't beat Panda. It just does what it wants. I made tons of changes over the past few months. None of them mattered. I finally got a partial recovery, months after I stopped tweaking... and that leaves me convinced that nothing I did or anyone else has ever done to their site matters one bit to Panda.
I don't believe any of the dozens of things, minor and major, made any difference at all.
I could have done absolutely nothing, and I'd still be in the same place I am right now.
How do you beat Panda? Do nothing and wait it out.