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High-quality sites algorithm improvements. [launch codenames “PPtl” and “Stitch”, project codename “Panda”] In 2011, we launched the Panda algorithm change, targeted at finding more high-quality sites. We improved how Panda interacts with our indexing and ranking systems, making it more integrated into our pipelines. We also released a minor update to refresh the data for Panda.
Many other changes seem to involve Google Suggest - new spelling corrections, faster autocomplete and so on. I really see paying attention to Google Suggest as being a mandatory addition to any raw keyword research we do - and this just underscores the importance.
I think there hasn't been a Panda update in January 2012 and Google hasn't announced any Panda update for sometime.
However I think that the factors of Panda are already integrated in the current main ranking algorithms "Panda flavored main ranking algorithm".
making it more integrated into our pipelines
For me the big one was something we've been conjecturing about here -some kind of new integration between Panda and the rest of the algorithm
Faster autocomplete. ...improvements to our autocomplete system to deliver your predicted queries much faster.
Autocomplete spelling corrections. ...This launch targets corrections where the spelling change is very small.
Better spelling corrections for rare queries. ...improves one of the models that we use to make spelling corrections... for a number of rare queries.
Improve detection of recurrent event pages. ...improvements to how we determine the date of a document.... particularly for pages discussing recurring events.
High-quality sites algorithm improvements. ...improved how Panda interacts with our indexing and ranking systems, making it more integrated into our pipelines.
More relevant related searches. ...we’ve updated the model for generating related searches, resulting in more useful query refinements.
Whitey. On the surface, the few reports we've got seem to say individual URLs are allowed to move in the rankings a bit more, but the domain as a whole "might" still carry its overall Panda ranking.