brinked - 10:55 pm on Mar 30, 2012 (gmt 0)
I have explored this as well. My pages that had pagination seem to have always been taking a hit. What I did was implement ajax to load more results, not pagination ajax but a "view more results" so the results will just keep scrolling vertically which is more user friendly anyway.
Upon implementing this about a year ago when panda was released, these pages have not seen any improvement. I can not rule this out entirely but I am pretty sure it does not have as much effect as I still see many sites ranking fine that have paging...paging does not seem to be much of an issue...but maybe the actual pages are the issue, if there are a lot of similar pages you might want to reduce the amount of similar/redundant content/listings pages you have.
hope this helps