For your consideration, here are three (marginally) plausible reasons I've been pandalized:
* I don't have my own domain name. Instead, I'm at www.isp.net/~username. Perhaps the algo now looks a bit askance at me solely for this reason, despite the age of the site. I'm referring to the algo -- not to search-engine users, many of whom I'm sure bypass my links when they see my quaint-looking, 15-year-old URLs on the SERPs. (I never established a domain because I didn't want to risk the possible consequences of a 301 redirect. And my site is not commercial. Besides, I'm old school.)
* I provide many pairs of near-duplicate pages, down parallel branches of my site's page hierarchy. I've included a META robots noindex instruction in the source code for each and every one of those pages, in order to avoid a decision as to which should be crawled/indexed and because I don't want to facilitate entry to the site through those pages. Here's the rub: the higher-level pages linking to those duplicate pairs include some of my top entry pages for visitors coming from the SERPs. That is exactly what I wanted. But has the algo now decided that those popular entry pages are suspect because they link to pages that I've directed to not be indexed? (I'm not sure whether it's just those pages that are ranking lower in the SERPs post-Panda, and my site logs aren't providing a definitive answer.)
* My customized 404 page is an exact duplicate of my home page, which is static HTML in its entirety. (I'm on an Apache server, and my .htaccess file contains a proper 404 command.) Is it remotely possible that the algo now takes issue with my 404 page replicating my home page? This would make no sense, since proper 404-page content isn't crawled or indexed in any event, right?
Grasping at straws, or not?