Panda is blamed for every downturn nowadays. In fact no one knows what is a Panda update and what is a normal update. Combine that with Google's aim with Panda to add mud to the water so that no-one (and that includes google) knows what is going on, then any talk nowadays about the effect of Panda is whistling in a gale.
Let's face it folks, you don't understand Panda, I don't understand Panda, Google don't understand Panda, so forget about it and just take each update as a normal update.
I really think think that Google are laughing at the lot of us here regarding Panda. The prime aim of Panda was to explode the myth of SEO and it has acieved that aim with ease.