As a newbie, should I invest any time in understanding how presentation animations work, or should I focus entirely on property animations?
I suggest you focus entirely on animating properties. At this point, you should be targeting Android 3.0+, where property animations are available. If you want your code to work on older devices, NineOldAndroids offers backport of some property animation APIs.
Is there something that property animations cannot do?
Not that I could think. Property animation is significantly more powerful, less hassle and more effective.
Is it "comparatively" difficult to use property animations for simple things like rotate / translate?
IMHO, , .