When running a transaction in stepped mode with explanation, I get the following
before starting:

Installed packages (7):
  dhcp-3.0.3-2@i586
    Required By:
      dhcp-client-3.0.3-2@i586 (installed)

Removed packages (1):
  dhcpcd-1.3.22pl4-210@i586
    Conflicts:
      NetworkManager-0.4.1cvs20051004-3@i586 (installed)

But during the transaction itself the information appears incomplete:

Installed packages (1):
  dhcp-3.0.3-2@i586

Removed packages (1):
  dhcpcd-1.3.22pl4-210@i586

So I think both situations are missing the explanation.