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After testing this canonical vs 301 on penalized sites (over 20) we can definitively say this is not something you'll want to waste much time on. Google passes penalty on both redirects AND rel=canonical.

...then again...do as you will but don't be surprised when 301 redirects are reconsidered by Google in the near future.

Although I appreciate the perceived intention by which you posted this - and its' interesting to see someone post a method I've used for a very long time - I do have to question your motives as they appear to be purely based on the fact that you're simply hanging this method out for all to see...