No convincing conclusion, but I think the various arguments for and against are sensible stated: http://www.economist.com/blogs/gametheory/2013/09/returning-footballers#comments Whether the law applies generally is open to question, but it certainly seems to apply to Charlton's detriment! (... er, no, just joking.)
It is true, Eddie. Every time we play Sheffield Wednesday, I fear Jose Semedo will destroy us with his vision, skill, driving runs and pinpoint passing. It is a two-way argument, though. A former player may know our strengths and weaknesses, but we will know his in turn.