serpsup - 8:06 pm on May 1, 2012 (gmt 0)
@scottsonline - I am seeing the exact same thing.
I was hit with Panda 1.0, ecommerce affiliate site. Since April 26th, I have seen traffic gains north of 40-50% - a large chunk of that is image traffic which historically has a higher bounce / lower conversion. However, the increase in organic search has not resulted in a corresponding increase in conversions. Seems like a lot of non-targetted keywords that are either unrelated or loosely related to my site.
Since this change started on the 26th I suspect Penguin, not Panda - but who knows?