The Page will be indexed.
URL1 or URL3 will be associated with a Page, depends on how Google implements their algorithms.
1. URL1 <-> Page
Pros: do not need to handle Session IDs for dynamic sites (which use redirect if browser does not support session cookies)
Good for: in-site (constrained) crawl (only internal redirects)
Cons: bad for external redirects; easy to steal content and PR from any site
2. URL3 <-> Page
Pros: good to prevent stealing of external content; can penalize URL1
Cons: bad for internal redirects (session IDs, moved pages, etc.)
I believe this is obvious, and Google follows the same logic. Unfortunately some other spiders do not follow 301/302 at all.
And each algorithm has some constraints like as:
- limit of redirects = 10 (some programming frameworks have default setting 100)
- throw away circular redirects
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