Google's Panda update is still being refined and further implemented week by week. Google said the following in regards to the Panda update this week:
“We’re continuing to iterate on our Panda algorithm as part of our commitment to returning high-quality sites to Google users. This most recent update is one of the roughly 500 changes we make to our ranking algorithms each year.”
YouTube has been one of the biggest winners, according to Searchmetrics, as were a collection of other big brand video sites - Hulu, MTV, NBC, CBS, HBO and a number of others that contain a large amount of video content. Good, non spammy video will help your SEO efforts.
Aaron Wall talks about the Panda update in this humorous animated video:
Panda a Continuous Work in Motion