I'm new to this tri thing and am busy reading everything I can find. After reading articles about staying aerobic on the bike to conserve glycogen for the run, I have one question for you more experienced types (ie: everyone but me):

Since the swim is primarily arms/upper body, is a hard swim going to affect your bike/run in the same manner?

That is, even if my arms went anaerobic, that wouldn't affect the glycogen stores in my legs?