Lorel - 12:19 am on Jul 3, 2012 (gmt 0)
I was hit by Panda last July (probably due to overoptimization - which I've been working on). While trying to figure out what's wrong I removed all my G. ads in March and April during the furor over above-the-fold-ads. I only had a couple above the fold and the rest were either in the middle or the bottom of long pages so I'm sure they didn't affect my site. But they didn't bring in enough to make it worth it to bend to every G. whim so I took them all off. Removing them did not affect my ranking either way but then it's been on a downward slide with almost every Panda update anyway.