Aaron Wall: initially when Panda hit...it seemed to hit larger sites with higher page counts. There are some exceptions to that, where some larger sites with either brand or some great user experience metrics slid through (and then as Google got more confident with the Panda algorithm they eventually applied it to some smaller sites as well).
What it boils down to, is Google is looking out for Google.
Pic used- http://www.seobook.com/google-longtail-keywords-infographic
Via Level343
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