It's effectively anti-doping, you'll lose a portion of your red blood corpuscles so your ability to carry oxygen to the muscles will be compromised (so your VO2 max will go down)- from what I recall the volume of blood is replaced relatively quickly (within 48 hours), but it will take some weeks to restore your red blood cell count to regular levels (36 days if wiki is to be believed).
Edit: x-post with Gladys, yes transfusion was popular back in the day but I'm guessing less now with haematocrit levels being monitored and biological passports.
Edited: 17/01/2012 at 11:18