Frost_Angel - 4:31 am on Nov 15, 2012 (gmt 0)

I was hit by Panda in April 2011 - did tons of improvements, no recovery at all, then hit again by Panda 20 in September 2012.

If whatson is right about this:

I believe the Panda algorithm is determined from: -pageviews/visitor -bounce rate -average time on site -exit rate -returning visitors all relative to the other SERPs or search terms.

Then my site should have recovered.
On a side note - my site ranked very well for 10+ years for it's niche before being hit by Panda.