hope it sticks for you. I had the same observation, gained a lot of traffic and keys back´. The last 2 updates were good to my site only to loose all on 27th. Panda is just the axe in the woods. Its cutting sometimes on the right left or in the middle. But it can´t decide which way to go.
The next problem is, that german serps are coruppted in such a way that searching is no fun. If u look for a bike u will find cars? How do you satisfy a user who is looking for bikes and comes to your site an sees cars? A better navigation is not the solution. Not to mention that amazon is allways on target.