In the very most simple case of no collisions
See also:
man git-pull
More precisely, git pull runs git fetch with the given parameters and calls git merge to merge the retrieved branch heads into the current branch. With --rebase, it runs git rebase instead of git merge.
See also:
When should I use git pull --rebase?
http://git-scm.com/book/en/Git-Branching-Rebasing