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I don't really know whether there is a penalty or not. I tend to think that Google does not penalize you, though.
I use basic HTML re-directs for the most part. My sites have ranked well for those keyword phrases I've optimized for. I have several #1 and #2 listings, despite the presence of re-directs being present.
The search engines are interested in the substantive content of sites. Their job is to deliver you to relevant information, based upon the keyword or keyword phrase typed into the search dialog.
Redirects do not generally interfere with that mission and are useful in keeping on-site links relevant to the extent they can be updated to reflect changes in site structure. For example, if I have multiple links to a given site spread throughout my website I can simply update one redirect file and all of my links are effectively updated. Direct linking is more difficult and time consuming to update.
Perhaps one of the search engine experts will jump in here and give us a more definitive answer, but in the meantime I continue to believe that re-directs are a legitimate site-building tool.
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