Pjman - 2:43 pm on Jun 25, 2012 (gmt 0)
I think that a high average time on page can flatten the affects of high exit or bounce rates.
I have a Pandalized site. From Panda 1.
I had a partial recovery two months ago.
But I have 4 KW that ranked #1 all the time (circa 2005). They both have 90%+ exit and bounce rates, but 4.5 minutes time on page averages.