Its a improvement to google's search algorithm which helps google to fight content robbers and spammers. Remember google caffeine? This update is similar to caffeine update but it might not impact to most of users same like caffeine did

Google Panda refers to the changes introduced in 2011 to the search algorithm used by Google to improve Internet search results. The change aims to lower the rank of "low-quality sites" in search results and return high-quality sites to Google's users. CNET reported a surge in the rankings of news websites and social Networking sites, and a drop in rankings for advertising sites.This change reportedly affected the rankings of almost 12 percent of all search results.Panda rollout hasn't been the smoothest with web including Google's webmaster forums being filled with complaints of scrapers / copyright infringers getting better ranking than original content. At one point, Google publicly asked for data points to help detect scrapers better. Google's Panda has received several updates since the original rollout in February 2011 and the affect went global in April 2011. To help affected publishers, Google had also published an advisory on its blog thus giving some direction for self evaluation of a websites quality.

i think google panda just make the seo work in a better order

Panda imapact is very bad for few websites!!! But Google is god  if we talk about Internet... So, we need to make more efforts now for results.

Google Panda refers to the changes introduced in 2011 to the search algorithm used by Google to improve Internet search results. The change aims to lower the rank of "low-quality sites" in search results and return high-quality sites to Google's users. CNET reported a surge in the rankings of news websites and social Networking sites, and a drop in rankings for advertising sites. This change reportedly affected the rankings of almost 12 percent of all search results. Panda rollout hasn't been the smoothest with web including Google's webmaster forums being filled with complaints of scrapers / copyright infringers getting better ranking than original content. At one point, Google publicly asked for data points to help detect scrapers better. Google's Panda has received several updates since the original rollout in February 2011 and the effect went global in April 2011. To help affected publishers, Google had also published an advisory on its blog thus giving some direction for self evaluation of a websites quality.

Google panda is a algorithm developed  by Google that works against the website's low quality articles and duplicate content,Google panda will remove all those websites and pages who have duplicate content and pages which are not at all useful for website visitors.

Google Panda update survival guide from Wordtracker - the leading keyword research tools.

Google Panda is one of the best update by the Google which works for Content Farming. Google Panda refers to the quality of the content of the website. It helps in preventing the entry of spammers and also prevents the entry of duplicate content in the website. In this way, it helps in providing the quality content to the visitors. The Rankings of many websites affected due to Google Panda. Some of them gets positive results and some gets negative. This is because when any website have duplicate and poor quality content, there are chances of website gets penalized by Google.

Google Panda was built through an algorithm update that used artificial intelligence in a more sophisticated and scalable way than previously possible. Google Panda appears to impact an entire site's ranking or specific section, rather than just the individual pages on a site.

Nice posts by all the members. Very good information in this thread. Thanks to all members.

Its good to hear about updation of google algorithm

i think google panda is very best it have made the seo job better then before...