potentialgeek - 9:47 am on Jan 23, 2012 (gmt 0)
I don't know how much Matt Cutts was involved in developing this algo, but in the past when Panda rolled out, he seemed to object to Suite101.com, which at the time had ads on the left side (where most sites have nav menus).
There are at least two above-the-fold issues that frustrate users and make it difficult for them to find content they want.
1) Text ads where they expect to find navigation links (on the left);
2) Lots of ads (stacked).