---- Matt Cutts Announces "Above The Fold" Algorithm Launch
Whitey - 1:08 am on Jan 20, 2012 (gmt 0)
Also is this a site wide penalty or Panda related?
Not so much a penalty - more of a "quality" feature and the announcement seems to indicate it's a sitewide assessment.
Many folks i know were redesigning around this since mid last year in response to Panda - not sure how they got to hear about it, or anticipated it. Having said that, none of those sites were what you would call "spammy", where you couldn't see the content for the ads.
So it may indeed have had no effect, if indeed it was in play at the time. Moral of the story - take it easy, unless you have a spammy site.