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[edited by: tedster at 4:31 am (utc) on May 29, 2012]
Thanks, brinked. The idea that this is a loss of previously valued links instead of a true penalty is an important distinction!
[edited by: tedster at 4:32 am (utc) on May 29, 2012]
[edit reason] fixed my own typo in the quote box [/edit]
I think there is more to panda than just a devaluation of links. If you depend on spammy blog networks for all your links, it is likely all those links are now gone.
I have limited data to go on since none of my personal or other clients sites were effected by penguin.
Panda: Devalue pages whose content is mediocre - not spam but not strong either. These pages were ranking for technical reasons rather than being strong content that visitors really appreciated.
How do you know that these sites weren't affected? If, as you say, many spammy pages have been de-indexed and their links devalued, then it seems to me that this would cause a "chain reaction" that would spread the effects throughout the web. Some sites may have been effected only slightly, and some of these may have even gained in the rankings as other fell, but I doubt that many sites have been totally unaffected.
It seems that after panda, these redirect benefits were lost. Maybe because I did a crappy job in redirecting, I only did the homepage to homepage and didnt worry about any inner pages.
The websites that were being 301'd have regained their original ranking, higher than the sites they were being redirected to.