It will let you download all the free apps of the day that you previously had. They count as purchased.
I still don't understand why Google hasn't made the process more painless. It took my quite awhile to get all my apps back on my phone and working again. It'd be so much easier if it just transferred over like my contacts and wifi settings did.
Anyway, rather then spending time writing down your old apps and searching for them in the market on the Bionic, it's a lot quicker just to go to market.android.com. If you go to "My Library" on that site, it will show all apps you've downloaded from the market, and then you can just go down the list and click "install" to send them to your new phone. It's still a pain, but at least it was quicker than searching in the market on the phone.