SEO Tip #64: What is the Benefit of Using the Change of Address Tool in Google Webmaster Tools?
Matt Cutts: This is a really good question. Certainly you can leave the 301’s in place but there are a couple differences between the change of address for and 301 directs.
The first one and the biggest one is that the change of address form is at the site level. Whereas the 301 redirects are at the page level. So for example what if you move one directory to another directory?
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