tedster - 5:12 pm on Oct 3, 2011 (gmt 0)

Panda penalizes websites as a whole, not individual pages.

Sort of true, but the whole picture is a bit more nuanced. First, some pages and keywords get hit harder than others. And it is still possible for an individual page to keep a good ranking - I've seen it in a couple cases. So IMO there is a page-specific component involved in Panda.