dibbern2 - 2:45 pm on Sep 28, 2011 (gmt 0)
We lost traffic to Panda, but saw an increase in CTR and EPC that almost (90%) offsets the negative effects. It has held steady now since June.
I attribute it to a better qualified mix of visitors, which is one of Panda's beneficial aspects.
No telling how much the economy is affecting my niche, but it must be a factor.