I was one of the first to report the horrible effect that Panda had on my site on the first page of this thread. I've taken advice from lots of sources and made some major changes to the site.
1. I've evaluated all pages and removed weak pages that have not historically seen much traffic.
2. I've removed any thin pages that I felt were weak and not worthy of being indexed.
3. I've reduced ads by 50%.
4. I've been actively tracking down scrapers of my content and reporting them.
5. I made sure to noindex, nofollow tags, categories and misc junk that Wordpress creates.
So after almost 2 months there has been zero change. For all your self imposed experts of SEO who think you know it all keep your comments to yourself. I only report this information so the others here can know that it's unlikely that Google will change much of anything. From my point of view the only sites being rewarded from this update are HUGE corporate giants like Demand Media and very small sites with a good amount of inbound links.