I think of myself as an avid learner of understanding Panda, considering how much it affected my income (which I am sure many can relate to).
I would just like to clear up, what I believe to be, the difference between Panda and Penguin.
In a nutshell:
Panda is a measurement of how visitors interact with your site. Which essentially comes down to design, content, features, tools, and intuitiveness.
Penguin is a measurement of how pro-active a webmaster has been in trying to rank their sites higher, whether placing lots of keywords on their pages, or building lots of links.
They are both algorithms, but I would say Penguin could be a lot harder to get out of.