Hey All,
Google has confirmed about the Panda Update on 27th Feb 2012 at 3.00 pm. This is Panda 3.3 Update

Here’s what Google says about its latest Panda changes made:

They have mainly focused on the below things.

Link evaluation
Local Search Rankings
More accurate detection of official pages
Expand the size of our images index in Universal Search
“Site:” query update
International launch of shopping rich snippets