synthese - 1:12 am on Jun 26, 2012 (gmt 0)

@realmaverick - might not be Panda.

My site that was hit had a dramatic drop off in traffic:

Pre-panda 25000-35000 uniques per day
Panda 1: 8000-10000 uniques p/day
Panda 2: 3000-5000 uniques p/day

I honestly can't see a correlation with Exit Rate in terms of pages that still get some Google referrals. Remember panda was originally called the "Content Farm" update...