Generally, they don't cut things down quite that much. They'll look at your general trend for the years you were in school, note any up or downward trends, and look at the overall GPA. If the school you're applying to gets a lot of applications from your final undergrad, they may then compare, but if they get only a few, you kind of get judged against the whole group. In answer to your ultimate question, transfers would likely get compared to people from their final undergrad, with little thought to the transfer, unless there was a big jump upward or downward in GPA along with the transfer.
