Not quite sure how/why it does it, but I have in many mxd's the workspace is referencing a database connection string that is no longer in service, you see this by exposing the workspace path or using ArcCatalog's repair data source. However, we are getting the data due to the last time that we went through this exercise (there have been at least 4) there were no nice scripts out there to do bulk updates (and the ArcCatalog repair datasource failed miserably), so the repair data source in ArcMap was used, the mxd saved and we went on our merry way.
Fast forward to today, our mxd's still show these long outdated workspace paths but source the current database on the old server. In Python, you can only read the service properties but not update them (sure would be nice to be able to update the service properties, hint, hint ESRI) - so my workaround was to update the workspace path no matter what it said (of which some were pointing to directories that were created on our XP machines - we are now on Win 7; so you know those directories no longer exist; some on my machine were also pointing to a directory from someone else's XP machine that is also long gone!), but rely only on the sde service type and the database name that the service property said was being sourced to update only the one changing. Interestingly, all of our database iterations have had the same name, just different server names, so it happens to work out. In the future if we change db name as well as server, it may not work.