Sand - 6:23 pm on Jun 25, 2012 (gmt 0)
It's probably a factor, but it's not all that Panda's about. I can say that with 100% certainty.
I have a site that I setup a few years back. It was just a test site that I probably put 10 total hours into, but it basically just pulled in a feed through a third party API. There is no original content on the site, and there are currently over 1 million indexed pages.
The uniqueness of your content clearly matters.