tedster - 11:15 pm on Jun 11, 2012 (gmt 0)

When there is a Panda refresh, would Google look at the version of a page in the SERP index or the cache version?

SERPs are normally ranked according to the most recent crawl - which can be more recent than what you see under the cache: operator. However, neither Panda nor Penguin run in real time, so my educated guess is that the crawl that this update ran with is slightly older than last Friday's date. I'm not sure that they've ever commented on how much delay is built into the process.