So I’m currently running an experiment on a student job site called JobDoggy.com. Initially the site had only been a place where we had a few articles and then a search box that led off to another job board site. We implemented a job board API, kept the articles, redesigned the site and relaunched.
At first I saw some positive traffic growth. Nothing spectacular but it was moving in the right direction. Then, a couple of days ago, traffic fell off a cliff. I’m still trying to figure out what’s going on here. My guess is it’s something Panda-related since much of the content is likely available elsewhere on the web. Here’s a screen cap of the Queries report for GWT:
I’ll try to update this post as I uncover more potential causes. If you’ve got some opinions, please share ‘em.

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The drop in traffic corresponds with the EMD and Panda updates. By the looks of things your initial assessment is correct.