We had some rumors of a Panda refresh a couple weeks ago but Google said there was no such update. Truth is, looking at the forums, even as of this morning, there are very few complaints despite what I would normally see during a Panda refresh.
This time, Google said this Panda refresh impacted about 1% of the search results, which is actually pretty significant. Not as significant as 11.8% when Google first launched Panda in February 2011 or as significant as Google launching Panda in Koera and Japan with 5% but still, for a refresh, it seems significant.
So this surprises me that I don't see more complaints in the forums.
That being said, the previous Panda refresh was Panda 3.8 and about 30 days before this update. SEOs are patiently awaiting a Penguin refresh, the last and first refresh we had was on May 25th, so we are due an update there.
One last concern for me is that we are out of numbers. 3.9 and now what? :)
Here are the past Google Panda updates:
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