I have a small (but established and old) affiliate site that took a small hit for its desired keywords about a year ago....might have been Pandacized, but can't confirm.
The particular page that ranked has around 20 15 affiliate links, and about 2000 words of content. The content is very good, and the page isn't over-optimized.
Was wondering if any of you affiliate marketers out there could chime in with your suggestions if I should lower the affiliate link count to regain rankings?