Nothing is re-rendered
Merging copies each page object — text, fonts, vector graphics, and images — into the new file without converting or recompressing anything. Text remains selectable and searchable, and print quality is identical to the originals.
Fillable form fields keep working, with the values already entered; if two documents use the same field name, one is renamed so each keeps its own answer. Bookmarks aren't carried over. Digitally signed PDFs can't be merged without destroying the signature, so the tool won't merge them — send those separately.
Tips for a clean merge
Put a cover page or summary first, and keep related documents together. If the merged file is too large to email, run it through Compress PDF afterwards.