I'm assuming that Panda and Penguin are both types of Artificial neural networks [en.wikipedia.org] and they have some kind of self-learning component. There are many reasons to assume that, based on Google's public statements. In fact, I'll bet Bing also has some such component and possibly Yandex, too.
That's the key reason I say we cannot reverse engineer the thing. Unless we can work with the same data set (or a substantial portion of it) the job is computationally impossible.
That doesn't mean we can't understand something about Penguin, especially if we share observations with precision. I strongly believe we can do something, just not accurate reverse engineering the way we could back in the early days of search engines.