Surely there cannot not be another Panda update? I guess we should be clear about what's meant by update though:-
1) Tweak of Panda part of algo
2) Re calculation of Panda scores for sites
The general consensus was that updates to the Panda score were happening roughly monthly and were not being done with normal indexing?
At the same time as these effective recalculations, Google was tweaking the algo part, such that new sites were falling into Panda with each 'update'.
As far as I can see, the Panda scores don't seem to have been recalculated for quite a while and there don't seem to have been any tweaks to the Panda part of the algo either (not enough folks crying foul)?
If Panda is machine learning and assessing websites, neither of these two situations can remain. Otherwise, the machine stops learning and Panda stops including new domains and pages. That would see it drowned by article spam and obsolete within months. It has to keep running to avoid being a brief and pointless exercise in webmaster persecution?