I'm trying to determine what limitations I'll have with a package after it has been moved to 'Managed Released'.
Every warning I get is super generic and contains similar verbiage to this:
If you upload a released version, your package components will be locked, preventing you from changing some properties. See the online help for more details on the properties of managed components.
The Planning the Release of a Managed Package page isn't much help either. It states:
The package or component was created in the current Salesforce organization and is managed. It is also uploaded with the Managed - Released option selected, indicating that it can be published on AppExchange and is publicly available. Note that once you have moved a package to this state, some properties of the components are no longer editable for both the developer and installer.