For two years it has been like this. They shuffle and slowly go back to way things were.
This isn't true. Maybe in a vertical you monitor, but not across the board. The latest Panda brought back a lot of sites that have been stuck for a long time. Some didn't deserve to come back IMO, and I have watched them slowly roll back onto the second pages (this however is still MUCH better than page 9 or 10).
We own a content site that doesn't deserve to rank like it did back in 2011. It didn't even budge in the least bit with the latest Panda. Another site I watch (three of them actually) moved up quite a bit. The site is UGLY and has horrible user experience. I was surprised to see it move up at all, but it has been trending back down.
Our main Ecommerce site that we gutted and revamped completely has continued to increase in Google referrals every week since the Saturday before the official P4.0. Each week it seems to be gaining 10% additional referrals. We are still down about 40% from January 2013, but slowly crawling back up. We had been down about 80% prior to the P4.0 roll out.
One thing I'll say about trying to fix Panda issues. It's a real pain to do on your own. You are attached to certain parts of the site and definitely overlook certain aspects. We had a consultant audit the site over two months and then took three months to implement all the changes. I mean ALL the changes, some of them hurt (maybe my ego most?), either way they were all for the better. You can't go half way or do some things now and wait to see. You have to do EVERYTHING and get out of the grey zone. We had been trying to do what "we" thought was right and it really takes fresh eyes. Eyes that see Panda at scale, where they are looking at 100's or 1000's of cases.
[edited by: SnowMan68 at 1:57 pm (utc) on Jun 5, 2014]