I think that people who have been testing Panda solutions would agree to deleting/no-indexing as much of the site as possible... or even starting over.
There are many types of sites that have had a Panda problem - so I am not a fan on this kind of "one size fits all" advice. For example, I've helped one site recover without doing any deleting or no indexing.
If you know you have shallow or repetitive content, sure go after removing that. A common problem I've seen that does require deleting is hosting many very similar pages just to target small keyword variations. But don't start deleting or noindexing just because someone else did it and had success. Make sure you have a good idea about how and why your content became a Panda target first.
For example, maybe your site lost its authority status with Google and those who syndicate your best content are now ranking for it. In a case like that, you need to recover your site's trust and authority first. Otherwise you can delete content all you want and it will get you nowhere.