Dot_Media - 5:38 pm on Sep 20, 2011 (gmt 0)
I am just not seeing anything that indicates a panda update. No sudden change in impressions (GWT), no sudden shift in traffic (Analytics) and no massive crawl spike (GWT). All three have been present in past updates.
However there was a massive crawl spike a few weeks ago but nothing happened then either. Maybe the site is out of panda and all the changes have lead to a lower ranking? doubtful, still at a 60% drop from pre-panda levels.