from my own reading i'm in agreement with oro on this, Wilson's theory of plate tectonics pretty much indicates some (possibly large) areas sinking, you have positive pressure such as the San Andreas fault and negative pressure such as the Marianas trench, this would lead to a certain amount of subsidence by land masses, especially those in the negative pressure areas although how large a land mass is open to debate,
also in the warm period between ice ages the seas have risen but many island groups and chains were above the sea at some point as evidenced by the animal life on separate islands which are not separate species and can only have spread if the entire island chain was one land mass at some time in the past,
during ice ages the seas would retreat and the animals spread over the area, other places because of plate tectonics would sink slowly because the continents either side of them are moving apart, and whilst they may have been dry at some time in the past are now that far below sea level that during the next ice age will still be under water,
estimates of how much the seas have risen and how far they will drop indicate that even during the next ice age they will still be underwater, showing that they do and have subsided,
also volcano's such as Krakatoa which disappeared completely after blowing has now regrown and a new island formed called son of Krakatoa, and the same has happened in the Azores and that was quite recent within the last fifty to sixty years,
as an aside its also known that Pangaea is only the last of the super continents and the earth has gone through a number of cycles with super continents, estimated at three times at least, eventually in a few million years everything will collide again and then split and spread apart all moving in the opposite direction to the present one,
yes i've also read the Med was a dry valley considerably below sea level until whats known as the Gibraltar land bridge was eroded and the Atlantic flooded the area,
furness