The Helioseismic and Magnetic Imager (HMI) onboard the Solar Dynamics Observatory (SDO) observes the Sun at the Fe I 6173 Å line and returns full-disk maps of line-of-sight (LOS) observables including the magnetic flux density, velocities, Fe I line width, line depth, and continuum intensity. These data are estimated through an algorithm (the MDI-like algorithm, hereafter) that combines observables obtained at six wavelength positions within the Fe I 6173 Å line. To properly interpret such data, it is important to understand any effects of the instrument and of the pipeline that generates these data products. We tested the accuracy of the line width, line depth, and continuum intensity returned by the MDI-like algorithm using various one-dimensional (1D) atmosphere models. It was found that HMI estimates of these quantities are highly dependent on the shape of the line, therefore on the LOS angle and the magnetic flux density associated with the model, and less to line shifts with respect to the central positions of the instrument transmission profiles. In general, the relative difference between synthesized values and HMI estimates increases toward the limb and with the increase of the field; the MDI-like algorithm seems to fail in regions with fields larger than approximately 2000 G. Instrumental effects were investigated by analyzing HMI data obtained at daily intervals for a span of three years at disk center in the quiet Sun and hourly intervals for a span of 200 hours. The analysis revealed periodicities induced by the variation of the orbital velocity of the observatory with respect to the Sun, and long-term trends attributed to instrument adjustments, re-calibrations, and instrumental degradation.