Yeah that's pretty much what I was thinking but then could they be right? I mean there doesn't seem to be any data anywhere to show if it does have an affect on the linked-to page (however minimal). Somebody somewhere must have tested it.
It does make sense to keep it seen as a moved page and not a new one to keep whatever trust it's built up but surely as an internal page, any new page that replaces it wouldn't take long to pull that same trust back in anyway (this is based on the fact that it's not exactly got a lot of equity anyway).
Not emphasising keywords for Google but whatever it is in the content that will encourage the user to feel they're in the right place... if that happens to combine with some keywords or keyword phrases then great, but don't see it as a game-changer for rankings 
