The Google PageRank or PR update this 27th day of June 2011 made a lot of people happy, but made a whole lot more people sad. Why? Because a lot gained a PageRank increase, but a whole lot more was PR slapped. Those who are affected negatively by the recent Panda 2.2 Google algorithm update are also affected negatively in the recent PR update.
Based on my observation and analysis, high PR blogs that are now PR 0 are negatively affected by the recent Panda update. But blogs that suffered a decrease in PR by -2 or -3, are not seriously affected by the recent Panda algorithm.