According to Google, there isn't a penalty, but it is obvious that there is a filter that removes duplicate content from G' index over time or refuses to allow the page to rank well.
Originally Posted by James Stein
There isn't a penalty, but that is just a technicality. When a duplicate content page is reduced in rank or removed from G's index, the net effect is a penalty.
If it walks like a duck and quacks like a duck...
"Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin