[Simon]

Google's algorithms are much smarter than that.

In fact they're smart enough not to be fooled by any morphing software I've ever seen either. All that morphing content does is make your text much less likely to convince anyone to sign for any membership or even to bookmark or return to your site.

Duplicate content penalties are a myth anyway. In fact, to quote Google:
"There's no such thing as a "duplicate content penalty. Unless it appears that the intent of the duplicate content is to be deceptive and manipulate search engine results."

If you're trying to fool Google you can count on being caught anyway.
(Did I mention that the Google algorithms are smart?)

Look at how many sites get ranked well for publishing the identical news stories straight from syndicated feeds by Reuters or the Associated Press.

Just make sure to add value and you'll be fine.