Panda was always going to morph into something bigger, as each element of Google's focus was made more visible as it becomes tweaked.
However, in the vertical i watch, SEO is really close to being redundant, as all the SERP's are occupied by Google assets on volume traffic keywords. So some of the above is irrelevant for some.
Google seems to be going through a combination of giant clean ups and elimination of visible sites, except for the very good ones, then replacing the positions with it's own assets in the verticals that can turn around revenue for Google for it's performance growth.
There must be a plan at Google HQ regarding the SE product and future timeline. Reading it might make for a scary story for webmasters.