My traffic has dropped over 70% as a result of Panda. So I took a hard look at my Webmaster Tools stats and did quite a bit of work on the page that appears to have lost the most traffic. This page has ranked very highly for several years and is a PR 6 (as are quite a few of my other pages which have dropped considerably). I think that I made some very good improvements to this particular page, which was of high quality before and is even more so now.
Want to guess what happened? That's right -- it dropped even further. A lose-lose situation. Why bother trying to improve pages to achieve Google's vague standards of high quality?
And BTW, I am a professional (non-web) writer. I know what quality content and quality writing are.
It's all very sad. Looking at my Webmaster Tools stats, all I see is a sea of red...