I think some of the aspects referred to by Dr. Greg and WannabeeNewton can be illustrated by a specific example.
Lets consider a spaceship falling into an event horizon. The bow has already passed. The stern is "just at" the event horizon now. The hole is very massive, so the tidal forces aren't extreme.
An observer in the stern of the spaceship won't see any change in the appearance of the bow. If he measures the brightness of the bow as a function of time, he will see that this brightness will be constant as the ship falls through the event horizon. Any realistic measurement of brightness will take a finite amount of time - but there's no reason to say that crossing the event horizon changes the brightness, it never flickers or dims, not even instantaneously.
As we make the spaceship longer and longer, the brightness of the bow as seen from the stern will naturally decrease - just because it's further away.
There will be no significant gravitational redshift from the bow to the stern of the spaceship - only tidal forces will cause such redshift, and we've assumed they are small. There will be no significant doppler shift due to relative motion of the stern and the bow, because there are no tidal forces and because we've assumed the spaceship wasn't stretching as it fell into the black hole.
We'll comment, in passing that the notion of "time stopping" at the event horizon of a black hole may be true in some specific coordinate-dependent sense, but is generally misleading. The reason the notion is misleading is because "time stopping" is interpreted as if absolute time were stopping. And the time in GR, like SR, is not "absolute time". So when one thinks of "time stopping" at the surface of a black hole, and one uses one's Newtonian intuition, one generally gets bad results. This is why I recommend against "the time stopping" point of view.
There are some alternatives, albeit with problems of their own, such as the "waterfall" or "river" model due to Hamiltion,
http://jila.colorado.edu/~ajsh/insidebh/waterfall.html or
http://arxiv.org/abs/gr-qc/0411060. I haven't seen people try to use this enough to see how badly they get confused relative to how badly they get confused due to the "time stopping" model. The main thing I don't like about the waterfall model is that there is no physical way to measure a "velocity of space".
Sorry for the digression on time stopping. Now let's try and generalize the "spaceship" result.
In the spaceship case, both the bow an the stern had the same "energy-at-infinity" when they feel into the hole. If we consider two general observers, they won't have the same "energy-at-infinity". We can incorporate this into the spaceship model by having the the rear observer in a "virtual spaceship", but having the object at the front of the spaceship moving relative to the bow. Then we have a space-ship model with added doppler shift, due to the relative motion of the particle at the bow of the spaceship to the ship.
When we include tidal forces, the analysis becomes much more complex. If we've got a long enough space-ship, or if two objets have fallen into the BH at greatly different times, we'll unfortunately have to take the tidal forces into account to get a good answer. I don't have a fast-and-dirty way of doing this though except to say that the sign of the effect is pretty clear, the tidal forces cause the bow to redshift.
I'll mention that the tidal forces at the event horizion are finite to an infalling observer and approach zero for a sufficiently massive black hole. This is a textbook result, but it may be surprising to people who aren't familiar with the detailed mathematics. I won't go into more details on this point unless it is asked as its very tangential - but it may be a source of some confusion to some readers.