I will say this a different way. There isn't a conspiracy theory at work. Facts and correlations can be found. Unfortunately, nobody has put forth the facts or stats as it were.
This can all be boiled into a really simple sauce.
-if you don't get organic traffic to your website, you must find other methods to get traffic. You might be the exclusive 2% club, but for everyone else it comes down to paying for ads, whether that's Adwords or an upcoming ads program from Bing.
-it's simple to analyze the impact an algo like Panda can have on Google profits. Raising the quality bar to a point when Wikipedia type establishments take more and more organic traffic, there would be a natural choking off of site traffic. Refer now to point #1.
-I'm not and nobody should say that the algo has been changed to choke off organic traffic or raise the bar to the point that only brand and giant sites can garner organic traffic for the more profitable or popular searches. I believe that sure, Cutts are noble and algo changes are made to improve search quality.
I would suggest to anyone reading to ask themselves about a web where organic traffic dries up. The alternative is pretty clear. It's obvious. It's not a conspiracy, it's reality.
People might want to suggest that all the Google strings are being pulled in one direction, but perhaps they have stumbled upon the reality of Panda. It's quite possible that they have now seen that raising the bar can essentially choke off organic traffic on many sites that weren't actually the intended Panda targets.
In closing, why can't anyone here, with all their surplus intelligence post the earnings or growth or increase opening account of Adwords over the period of the Panda shakeup. Wouldn't that be the intelligent thing to do here? The intent of Panda was one thing, but the result of Panda turned out (from what I've read) to create juicy profits. Not the intent of Panda, but if you consider Panda as the attack on organic traffic for "little guys", but certainly the growing impact of Panda is people closing shop or shopping for ad solutions.