
Picture credit - How To: Avoid Penalties from the SEO Animals
From search engine land:
“Google’s search quality team is working on a major update to the Penguin algorithm, which Cutts called very significant...
Matt also announced there will be a Panda algorithm update this coming Friday (March 16th) or Monday (March 18th).
Google's Matt Cutts On Upcoming Penguin, Panda & Link Networks Updates”
Matt also announced there will be a Panda algorithm update this coming Friday (March 16th) or Monday (March 18th).
Google's Matt Cutts On Upcoming Penguin, Panda & Link Networks Updates”
So expect some bouncing around in the search results in the near future

In case you've forgot, Penguin updates target your linking profile, so watch out for spammy linkbuilding, same anchor text, linking to dodgy sites etc.
Panda is more about your actual site quality, duplicate content, poor content etc.