If left to default settings, what circumstances would have to occur for Magento 1.7 to consider a cart abandoned? Where is the code that makes this determination located?
As you probably know the setting is located here:
Admin => system => Configuration => Sales => Checkout => Quote Lifetime (days)
This will add the setting to the database (core_config_data table) with path:
checkout/cart/delete_quote_after
This path is used in the code on:
app/code/core/Mage/Sales/Model/Observer.php line 54
So when someone is adding something to a cart it will be updated. When a customer logs in and his cart is there it will be updated. When a cart is not updated for the last 30 days. It will be removed.
Extra information:
In case you wonder when this code is used, It is used by the cronjob of magento.
check: App/code/core/Mage/Sales/etc/config.xml line 1732
0 0 * * *
sales/observer::cleanExpiredQuotes
Hope this helps.