tedster - 2:32 am on Jan 9, 2012 (gmt 0) [edited by: tedster at 4:13 am (utc) on Jan 9, 2012]
No, I took it to mean that Panda was choosing which sites to evaluate according to what keywords they were ranking for. If a site wasn't ranking for keywords below a certain threshold of volume, then Panda didn't touch it. After a while, Panda got pushed a bit deeper into the total keyword universe.
But that was half a year ago - and we weren't noticing anything like rolling updates back then. The idea of certain keywords being "released" from Panda consideration is a new idea to me.
[edited by: tedster at 4:13 am (utc) on Jan 9, 2012]