So here's my recent Panda history:
April 2012: Hit by Panda. The next few refreshes hit me as well, and things were starting to look really dismal.
August 20: Recovered (mostly) after dedicating a couple months to reworking the site.
September 18: Hit again, lost ~25% of Google referrals.
September 26: Recovered again, so far up ~30% each day compared to the same day last week.
So now I'm pretty much even with where I was in April. What a long road to go nowhere at all:)