Sand - 1:35 pm on May 20, 2013 (gmt 0)
Panda targets sites with a lot of thin content. It doesn't target thin sites.
What I mean by that is, it's ok if a site is small and doesn't have a lot of pages on it. Many small business sites are like this. The sites can still rank fine, assuming the content is good. Panda seems more concerned with knocking down larger sites with a lot of content that is either short, generic, or duplicative in nature.
When one of my sites was hit by Panda, it didn't disappear from the search results. Rather, every page was dropped 3-7 positions for the terms it was ranking for. That might not sound severe compared to a -950, but it still resulted in a loss of 60-75% (going off memory here).
Other people have reported more drastic drops, but I'll tell you, in some cases dropping from 1-8 is almost as bad as dropping from 1 - 950.