I have a SEO friendly install of mambo and I was wondering if the search engines can really read and index what are on my pages? The page url's are all SEO friendly ex /hhhh/fff not $#3md.33# I am just wondering if they can draw the info from the database.
Sure they can. Just check any large and well-known Mambo/Joomla site's indexed pages on Google, for example here's Linux Magazine's. Even fully dynamic URLs with query strings, like Mambo's default ones, have no longer been a problem in search engines for a long time. However, the default Mambo SEF URL support is certainly pretty inadequate compared to many competing systems. You might want to look into Joomla add-on projects like OpenSEF or 404SEF to increase your SERP rankings. (If neither of the above-mentioned work for you, there's also a commercial SEF Advance component by a Joomla core developer.)
Yes, I can verify that it gets picked up by the search engines. I agree with Willy in regards to the default Mambo SEF url support in being inadequate. I'm curious whether Drupal has a comparitive feature, myself.