Several iterations later, the Panda update continues to cause problems for most everyone that was affected by Google’s major algorithm update. The updates came out in several releases starting in February, with the second coming in April and the Third release coming in May. Many reports from people are stating that they have to been able to recover from the Panda at all or that they have only regained a fraction of their former rankings.
Barry Schwartz of SEO Roundtable stated in a blog post that he has yet to see "any substantial proof" of a site recovering from the Panda update, and that anyone who has submitted proof of a recovery shows that it was the result of other SEO efforts.
He goes on to state as an example a WebProNews video interview with daniweb.com in which she discusses the changes she made that stopped the decline in her traffic drop, but that she is far away from a recovery.
While I don’t necessarily disagree with Mr. Schwartz, I feel that it is a non-issue. The Panda update removed copious amounts of webspam that was inundating the SERPs for years and effectively leveled the playing field. This has forced everyone to re-evaluate their content, their link building strategies and their onsite SEO tactics in an effort to regain their former status.
It only stands to reason that it will take a significant amount of time to for the cream to rise to the top of the SERPs. Of course this hits the enterprising business hard who may be reliant on web traffic to generate revenue from their website. The good news is that everyone is in the same boat. By putting on the brakes and forcing all of us to revamp our websites and re-think our web building practices. This will ultimately produced better quality search results, better content on the web and more organic link building and SEO practices.