Search Engine Land produced the following conjunction with BlueGlass covers how the Panda Algorithm works, this infographic shows how the updte has changed over the last 12 months since Panda arrived:
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[...] a ranking signals change but more of a data refresh similar to previous Panda updates – see The Google Panda Update, One Year Later [infographic]: Panda update. This launch refreshes data in the Panda system, making it more accurate and more [...]