Now I'm confused, several of the sites that were hit for us at the time Panda ran dropped as you would expect with a 'victim' site.
Strangely, some of them are now recovering, without any additional work being done on them. I have made changes to two sites, neither of which have moved at all. It's probably too soon for them to have been crawled, indexed and reranked anyway, so I'm not reading too much into their lack of movement yet.
I was under the impression that after a Panda run people seemed to stay down wherever they got dropped to in the SERPS, but a significant proportion are now ranking approximately half way between their pre Panda run position and where they initially dropped to.
As a concrete example, a site which ranked #2 dropped to #15 almost in front of my eyes on Tuesday (UK), then stayed there until today. Since I got up this morning it has returned to page 1, at #6.
I'm sure someone will tell me this is normal Panda behaviour, but I thought I'd mention it as I don't recall reading about this pattern before.