What, if any, impact would there be for having a stripped down view of my content in a
Would this be any different than how a
<noscript> tag is handled?
As long as that much richer view contains the same content that is shown to Googlebot, it meets the spirit of Google's "no cloaking" policy. Googlebot sees the same content as users, but users get better view of it. If I were to do that, I'd make sure that all of the semantic tags in that content are the same, especially links.
In 2002, the concensus seemed to be that Googlebot honored and indexed content in noscript tags, but in 2006, I started seeing reports that Googlebot was ignoring content in noscript tags.
Your div replacement seems better for SEO than a noscript tag. There is always the risk that Googlebot recognizes div replacement and penalizes your page or site on a technicality, despite your best intentions.