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Panda refresh rolling out now. Only ~1.6% of queries noticeably affected.
[edited by: tedster at 11:40 pm (utc) on Mar 23, 2012]
[edit reason] make link clickable [/edit]
So it must be some update they've rolled out, if not Panda then something equally significant.
I agree - there has been some other major update rolling out this week, but it was before today's Panda iteration.
Interesting, our rankings haven't really been affected but we're down about 30% in traffic. Something to do with the long tail perhaps?
A site I work with that has worked hard on improving their quality.