whatson - 10:07 pm on Nov 13, 2012 (gmt 0)
Having witnessed some sites "recover" from Panda, I see that they do not always fully recover, and some times even get worse.
This has lead me to believe that Panda is not a penalty of any sort, i.e. in Panda or not in Panda, but so much as it is an arbitrary score, that is added, or subtracted, from your total ranking score.
So the more Panda friendly your site, the better your Panda score.
It affects your overall ranking like Pagerank. Pagerank is also a weighting factor, it's not like you have Pagerank or don't have Pagerank, you are given a score. I think the same is true for Panda.
Or was this already obvious?