Revisions remains the same even if included templates are changed
Fragment of a discussion from Extension talk:FlaggedRevs
Here is how I think it is working
There is a table (called "flaggedtemplates") that links a particular flagged edit page with all of it's templates, it links not only with the templates names but the template revision ID. With the "freeze" option of FlaggedRevs nothing will channge in the calling page until the template revision is approved and even then for the update to appear on the calling page it has to be re-approuved. At this re-approval of the calling page the flaggedtemplates table is updated, the version of the calling page remains the same but the field for the template revision ID is updated. I don't know where the comment for the re-approval goes...