Apparently the panda has caused enough damage and i am one of the victims. From past few days, i have been working on fixing what i believe have been reason for the the massacre. I have two hostings, and about 8 sites spreaded on them. I believe, this penalty has a lot to do with excessive ads and thin content.
One of my main site has the qualitative links and to Camouflage my back link profile, i linked it from some of my own sites (related in some way). Now after the panda, all sites having same adsense account, got demoted, including my main site. My mistake that i was lazy about a lot of thin pages, which i now have put no index attribute in.
I want to know, what corrective measures you guys have taken and taking and whether it has changed your serps. This is what i believe has done wrong.
1: Thin pages
2: Excessive ads, specially on Thin Pages!
3: Cross linking with in your own sites
Corrective measures iam taking.
1: Adding Noindex and Nofollow tag in thin pages untill i fill the up.
2: Taking off ads altogether for a while.
3: Changed hosting of main site, different IP and nameserver
4: Slowly removing links from my own sites and getting fresh links to accomodate to loss of links.
5: Once iam done with al above, i will get my self a listing in botw and yahoo.
6: Post fresh indepth articles on Blogs, which i have been finding for a while.
7: If nothing above works, i will move my content to a backup dormant site, which actually picked up in serps and 301 my old site.
I think if you mention your corrective measures, it shall help us all see what actually works.
Note: Some of my sites, which do not publish any ad and are relatively thin page, did not get hurt.