netmeg, thanks for the Panda refresh news.
We saw some ranking and traffic improvements on Monday for a Panda hit site which seem to have stuck (up 1 or 2 places on first page results, up from page 10 to page 4/5 for some 1 or 2 word terms). Not a huge improvement in traffic but hopefully it's all a sign we're heading in the right direction.
Some terms that improved on Monday have improved further today however, so perhaps it will take a few days to settle (he said, clutching at straws!).