It appears that nothing special happens to long-standing unapproved nodes. Consider, for example, HELP! - trouble returning values. That was posted in September and is still unapproved.
I found that by going to Seekers of Perl Wisdom, selecting the "Next" link at the bottom, then editing the URL that my browser showed to change "next=20" to "next=1500" and scrolled down to the bottom looking for unapproved content. Then select "Next" and scroll to the bottom until some unapproved content appears (you need to be level 6 or above for the unapproved content to be shown at the bottom of each page).
(but my friends call me "Tye")
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Posts may use any of the Perl Monks Approved HTML tags. Currently these include the following:
<code> <a> <b> <big>
<blockquote> <br /> <dd>
<dl> <dt> <em> <font>
<h1> <h2> <h3> <h4>
<h5> <h6> <hr /> <i>
<li> <nbsp> <ol> <p>
<small> <strike> <strong>
<sub> <sup> <table>
<td> <th> <tr> <tt>
Snippets of code should be wrapped in
<code> tags not
<pre> tags. In fact, <pre>
tags should generally be avoided. If they must
be used, extreme care should be
taken to ensure that their contents do not
have long lines (<70 chars), in order to prevent
horizontal scrolling (and possible janitor
Want more info? How to link
or How to display code and escape characters
are good places to start.