(e.g., a page that got 100 visits but had a 93% bounce rate is probably low quality)
Fine in theory, but in reality bounce rate is dependent on how /with what keywords brought the user there. The page can be great but if Google sends people there with 3rd tier long tails, people will bounce. Obviously you can't change the page based on what type of keywords you get this week, as some suggest. That's why Panda is irresponsible and designed to literally kill certain sites, unless they do a specific thing. Shall we guess what it is :) ? Panda started by calling good certain sites that have skewed stats based on things most small stores and companies can't afford.
Any discussion of Panda that leaves out Google's corporate goals and long-ago stated intentions is just wasting time IMO, eventually they will knock on your door. And, I'd venture and say that most sites hurt, by far, don't even have more than a few secondary articles in their sites. Most are small shops and mom-and-pop stores but Google set the debate tone by calling the penalized sites "low quality," "shallow," giving guidelines that apply only to content farms and many followed that line like lemmings. Of course they un-penalized the high profile ones to blunt criticisms leaving others penalized, trying to keep the idea that 'panda is right so your site must suck' alive.