Alexa says [alexa.com...] that he is lying quite a bit about the 3% bounce rate, they say it's 50%. I checked because it seemed very odd to have a 3% bounce rate. I understand that Alexa is not that accurate but 3 and 50 are quite different.
I also laugh at his conclusion: he used feeds (67,000 according to Google), 100% identical and the fact that he got slapped after 5 Pandas is supposed to prove his thesis. Worth noting: He got slapped on Sept 23rd around 4-5 days before Panda, as far as we know.
Very useful sites can have even 99% of traffic from search engines, some sites are just not promotable otherwise.