dataguy - 3:44 pm on Oct 3, 2011 (gmt 0)
I've got one of those sites which was hit with Panda 1.0, slowly started to recover, and then got smacked down last week with 2.5.
With Panda 1.0, my RPM was cut nearly in half. It had almost made it to normal as I was recovering, but with Panda 2.5 it wast cut in half again. This means that through I might have half the traffic, I have one fourth the AdSense revenue.
Seems to me that Panda effects the highest paying pages the most. That's my experience, anyway.