So there are all kinds of possibilities. Panda flux can involve either new website data or a tweak to the actual algorithm. And it may cause some Pandalyzed sites' traffic to improve or to decline even more.
I'm wondering if this new flux that followed on after the September 27 Panda may become the rule - more frequent changes rather than big batches of change. At some point, it may become impossible to differentiate Panda as a component on its own - it may just blend into the over landscape of "the" algorithm.