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For example, if the user arrives through www.abc123.com the redirector will send them to the page www.abc123.com/xyz.asp
If its www.abcdef.com they are redirected to www.abc.com/def.asp
Does this have any negative effects with regards to being read by the Search Engines?
For one, it's bad SEO... How are you going to get legit inbound links to abcdef.com if you are redirecting visitors away?
The engines also don't like optimized redirects that send you to another domain... or at least Google has said that it doesn't and will ban you for it.
I can imagine another hundred potential problems with this setup.