Ted, the exact day I noticed a big difference was Sept 28th, a 25% drop in traffic and my two word money terms (and their synonyms) were no longer top 10, rather they fell to 2nd page like a minus 10 penalty for all. I attribute this to the EMD update even though I think there is still some PMD penalty as well.
As far as the panda update, it's almost like sites are getting a stiff penalty for anchor text over optimization, title over optimization and/or to some degree over optimization of content. I honestly don't know what to think of all of this. I know one thing that is for sure, B&M brands have certainly received even more of a boost when they have very little to offer and its puzzling to say the least. Very little to no inbound anchors, use of keyword only once in title and one or two mentions of keyword in content.
I've also noticed over the last year or so stiffer keyword anchor penalties and boosts for anchors that do not use the typical "keyword anchor" but rather use the "click here" anchors with supportive content. Did that make sense? Essentially, anchor penalties, the old school "click here" anchors are working with supportive body content around such "click here" anchors.
Sorry for the inadequate explanation if its puzzling, I'm a bit tired at the moment to explain it better.