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I was even more surprised when I searched for the site's most important but also most difficult keyword: this exact same page showed up at about 25, which was a lot better then I expected for any page from this site for this keyword in this stage of development. This keyword was one of the words in which the text was diffent from the original.
Anyway - I asked the client to rewrite the page completely, I want the other keyword as well :)
Bottom line: apparently Google doesn't penalize whole pages if they are 80-90 % duplicates but only the duplicate parts. Ather parts can rank quite well!
100% duplicates are merged, including backlinks and PR, so no penalty there. Near duplicates are offen filtered; only the first appears unless you append &filter=0 to the search results URL or click "repeat the search with the omitted results included", but I wouldn't see that as a penalty either.
HitProf, I'd say that what you experienced is the usual case.