Do variation listings pull their information from the parent sku?

The main item title will be pulled from the parent.
The item title in the ad template will only be pulled from the parent if the parent item title template tag is used.

The main image and gallery image will be pulled from the parent.
The child images are pulled from each sku for the variation element that includes "Color" (or Colour) in its name.

The subtitle and description html is pulled in from one of the children, as selected by the system when posting the listing. (Using the parent description is not supported at this time.) This includes the text as well as the images in the description -- they will be pulled from the same child sku.