It was great logging in last night.
And yes you can simply redownload all your crap you originally bought/downloaded.
Redownloaded my themes, the MW2 Resurgence pack, Blops First Strike (not that I think I'm buying Blops), and I still have the online passes for NFS Hot Pursuit and Homefront if I want.
I was amazed once I fired up MW2 to see that my online status and rank had not changed. Unlocked the Fall camo for the Barrett but still sucked balls.