I think there is more to panda than just a devaluation of links. If you depend on spammy blog networks for all your links, it is likely all those links are now gone.
Oh, yes - a whole lot more. Here's the difference as I hear Google describe it, from the 10,000 foot view:
Panda: Devalue pages whose content is mediocre - not spam but not strong either. These pages were ranking for technical reasons rather than being strong content that visitors really appreciated.
Penguin: Detect a finer gradation of true "webspam" - or at least pages that are ranking ONLY because of technical SEO, and not because of any true value. Pandalized pages have some true value, but it's mediocre. Penguinized pages are supposedly without real value. Of course, reports here are that Penguin gets it wrong a lot.
And by the way, if you do feel your site has been a false positive for Penguin, then here's the URL for reporting that to Google: https://docs.google.com/spreadsheet/viewform?formkey=dEVxdmdRWFJRTjRoLWZVTHZkaTBQbkE6MQ