Lowry - the experiences I have so far ( and we did just buy some sites) - is that everything is transferred over with no problems - as long as the domain and site were in good standing to begin with
The primary algorithm issue was with domains only - no site - and the filtering was put in primarily for domains that were expiring that people were catching on the drops - that had old DMOZ, etc type links and could be used to boost your own sites with very little work - Googles initial response (and this was confirmed by their representative on a board a few years back) was to automatically drop all link and other values when a domain that went into its expiration period was bought - this was the original "sandbox" - at the same time Google became accredited by ICANN as a full blown registrar and started incorporating other parts of the whois database into their algo checks
I can also tell you from talking with some people that I know that do buy old expiring domains that Googles algo doesnt always work
