>I was hit with Panda 2.0.
>I had a brief minor recovery earlier this year that was >subsequently taken away.
>Definitely since Wednesday (Webmastertools suggests as far >back as the 19th) I've had a 25% or so recovery.
This very closely mirror's my recovery except I was hit with Panda 2.3 in July of 2011 and with subsequent updates I lost 2/3 of my original traffic this last year. Started slowly recuperating in early Sept this year but really took off with the Nov 5 Update so now I'm back to 2/3 of original traffic and growing by leaps and bounds every week.
The changes I made in last year are mostly de-optimizing some of my most important pages with very little social networking and hardly any link gathering.
I suspect I uncrossed an over-optimization filter with the last Panda Update. None of my clients were affected by Panda, just my own site where I was getting too zealous with main keywords.
I've noticed those pages where I copied the title into the H1 tag also didn't recuperate until I changed the words around in the later.