I'm not sure if it was part of the Panda updates or if it happened when Google was altering the effects of long tail keywords/titles but it seems the page title has become optional too along with keywords and sitemaps.
While I'm not advocating the removal of titles from web pages I am seeing a site rank just fine without them. The H1 tag surrounded text is being used as the title in Google on most pages, the most prominent text at the start of the page on others(category pages).
If I was to embrace the 'less is more' approach there wouldn't be a whole lot left to my website!