After content deployment (full or incremental), the Modified time of a list item in the target site will be the same as the last published time of the original list item. For example, sourceSite.list1.item1 has two latest versions:
Modified: 2010-01-01 11:00AM (version 5.2)Suppose a full content deployment is conducted at 2010-02-02, then the targetSite.list1.item1 will have one version:
Modified: 2010-01-01 10:00AM (version 5.0)
Modified: 2010-01-01 10:00AM (version 1.0)Note that the versions in target site are not the same as original's. It always starts from version 1.0, and increases to 2.0, 3.0...