Pandas are renowned for their shy nature, and this particular creature has been keeping a very low profile recently. Back in March Google explained that there would be no further announcements of Google panda as the immense beast had been swallowed up by the algorithm. This week at SMX Advanced Matt Cutts elaborated, explaining that it was still being rolled out as part of the standard algorithm each month, with effects typically being seen over a ten day period.
Google are clearly satisfied with panda and presumably don’t anticipate any further large changes. In short, the penalty has worked, radically altering the way websites are developed and, I believe, been a considerable catalyst in the rise of content marketing, something now almost all SEOs consider a fundamental part of their role.
Hopefully penguin will reach a similar state of calm in the next 12 months. Currently the algorithm is still relatively young and volatile, but hopefully the younger sibling of panda will follow a similar path of maturity with more frequent but less violent updates as 2013 progresses.