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[edited by: Sgt_Kickaxe at 12:48 pm (utc) on Mar 15, 2011]
I assume they will keep the SERPS frozen for a while just to evaluate the impact of the changes ( user behavior, etc )
but to me the only effect I've seen is on sites who have articles on generic article websites as part of their backlink profile.
Walkman, where is the 404 center and what are you solving?
[edited by: tedster at 7:51 pm (utc) on Mar 15, 2011]
It seems to me like the process begins with a page-by-page assessment. A site-wide score is then applied, based on how many good quality pages versus low quality the algorithm scores. So it's not a black and white situation, not just page-specific or only sitewide.
And with no history to go by, we are really in the dark. Panda looks to me like a major, major algo change. Some engineers were working on it for more than a year? And Google never used quality as a factor before, only relevance.
I have a directory that went by unscathed.
Log on to Google WebmasterCentral and and under Diagnostics > Crawling you find crawling errors etc. See the 404 pages in the sitemap, or those that have internal /external links.