"will duplicated phrases/paras/pages be affected?"
phrases - -I don't think so...otherwise any site that used a common slogan on every page would get zapped. Search this string in quote on google "dedicated to equal opportunity in both housing and employment" it turns up over 2000 sites all still in the index.
paras - I have a few pages that use exact paragraphs but they are only about 20% of the total text on the page and the site is about 1000 pages....I work with a few real estate sites that use a common disclaimer paragraph on the bottom of listings pages and they have not been affected.
This is impossible to check on google since it limits the search to ten words...but if you grab the beginning of a paragraph and search it in quotes you should come up with some very similar results if dupes exist. There are a lot of spammy sites that write an optimized paragrah and then insert local or regional terms in to it to make it rank for those terms ie: Hi my web site is about "insert town" real estate we sell homes and condos in "insert town or state"...etc...this is what the algo should be targeting.
Dupe pages - nearly everytime one or the other will get dropped from the index....worst thing is you can't control which one...I have heard the higher PR gets indexed...I have also heard that the oldest page remains in the index and the new dupe gets dropped....so I can't really say...not an experiment I want to take on
Do a search on "Page Jacking" ..it has to do with people who copy ("jack") a high ranking page and then cloak off it to rank for those terms....
How low? ...I don't know...WilliamC, who started the post linked to above, comes here occassionally...WilliamC you out there? May be he can shed some light on how low is low.