Experimental results are presented for wave packet dynamics of the HEI molecules produced through the impulsive photolysis of HgI2 in ethanol solution. The results demonstrate that the HgI is formed in a vibrational superposition state. The phase of the beats fit to a value of 0.9 pi. This information is used to estimate the frequency of a transition state vibration of the HgI2 reactive state in solution. Both the oscillation frequency and decay rate exhibit a probe wavelength dependence. This is described as a result of each of the finite probe spectral bandwidths interrogating a specific set of vibrational eigenstates. The anharmonicity of HgI leads to a distinct oscillatory signal for each of the probes used. From this an approximate assignment of the level pairs being sampled by each probe is obtained. This information is used to construct solvated potential energy surfaces consistent with the data. The level dependent relaxation was not interpretable by a simple Bloch-type picture, in which each coherence is characterized by a complex frequency. A quantum mechanical relaxation matrix including coherence transfer terms adequately modeled the observed coherence retention. The data also show that an energy dependent pure dephasing rate is required for the anharmonic HgI level pairs. Other aspects of solvated wave packet dynamics are discussed.