With this announcement of Matt Cutts many bloggers are expecting increase in their sites traffic while others are feared that it can reduce their traffic. I am experiencing a 30% Increase in traffic from yesterday which means this update is proving to be good for me at least.
Panda Algorithm update was first of all Introduced by Google in February 2011 and since then dozens of Panda update are launched which effected Ranking of millions of Websites in Google.
the main purpose of Panda is to reward high quality website with good content and punish the sites with poor quality or copied content. but history shows many good websites also gets hit with this update. Many websites recovers when next update comes.
It has also happened with me again and again. some of my website goes down when one update comes and goes up in the next update.
If you want your site to be saved from Panda then make sure that you are producing high quality original content on your site and remove all copied and poor quality content as soon as possible.