Even if it isn’t a true update to the Panda algorithm, we should begin seeing sites that have been suffering from this algorithm experiencing a recovery, theoretically within the next month. Keep in mind that this won’t affect ALL sites, as some sites may not be able to recover with this data refresh.
Illyes said that Google wants to keep this data fresh, so it’s a good idea to do a refresh as frequently as possible. Google does require manual updates, but they don’t currently run by itself, unlike some other algorithms in their arsenal.