One of the questions I received during my trip in Spain was how Google handles duplicate content across ccTLDs, localized domains.
Now I see the same question posted in a WebmasterWorld thread, where Tedster answers it dead on:
No negative effect. Matt Cutts has re-affirmed this, even recently. Localizing the language idioms in your content, currency names and so forth - that is the only piece I'm aware of.
Yes, Google's Matt Cutts answered it and I played the video at the workshop at ISDI - here is Matt's video:
Thanks Matt!
Forum discussion at WebmasterWorld.

Comments:
Luke Jones
06/18/2011 10:07 am
Just so I understand correctly, does this mean if you were to have http://google.com/page-name/ and http://google.fr/page-name/ with the same content, you wouldn't be penalised?
Luke Jones
06/18/2011 10:07 am
Just so I understand correctly, does this mean if you were to have http://google.com/page-name/ and http://google.fr/page-name/ with the same content, you wouldn't be penalised?
Oabi
06/19/2011 12:16 am
Yes, until they penalize your @ss for it. DON'T TRUST THEM
jasonmillward
07/27/2011 01:32 pm
Have been searching for some evidence to back up my assertions to my client and it doesnt come any better than from Matt Cutts.