@SocietyRoyalle, first of all congratulations on your recovery. Pardon me for my ignorance, can you please enlighten me on that content to URL ratio?
Thank you - fingers crossed we keep Panda away from us in the future :)
Basically in removing 300K pages we reduced the number of URLs on our site by ~80% but only reduced the effective amount of content by ~10%.
That tells you how bad these old user generated pages were - many of them contained only a single sentence - usually a question, and could have up to 50 replies of people simply repeating the question - each reply was on a separate page.