levo - 3:41 am on Dec 20, 2011 (gmt 0)
My crazy theory from day one is that Google started using screenshots of webpages to detect low-quality sites. Any webmaster could identify a MFA/parked page just by looking at it. I think Google's big idea is to analyze the page visually, instead of just looking the code, and they are also comparing pages/websites visually. Most of the new features in introduced in last 1.5 years falls in line, instant previews, reverse image search, detecting and grouping same resized images, executing ajax, showing the snippet on preview etc.
As for Adsense - Panda relation, it should be rather easy to take the snapshot and calculate the (above/under the folder weighted) content/ad ratio.