I use frames most successfully since nearly 10 years all over my very large site and have hundreds of top 10 SERPS SE have ZERO problem if YOU as publisher know exactly how to really use frames/framesets !!!
If you don't know exactly how to implement search enginge friendly frames the rules is simple: DONT EVER USE FRAMES. I have analysed lots of sites for companies who were using frames and did not know how to make them right. Most of them had big problems!
professional webmasters are made to learn how to do things right using frames is easy if you learn to do it right
the final point there is a good reason why we have frames in W3C those who know how to use frames properly will have clear SEO advantages and zero disadvantages know how frames is like know how to fly without knowhow you may crash with knowhow you may advance faster and better!
I used frames in one of my sites many moons ago. It actually did pretty and I used to get lots of people filling in my order forms! I think frames, if used right, can do very well in the SERPS. Since I started using tables though, I havn't gone back to using the frames except for one of my pages on my site. You have to be able to break out of them when needed.
frames can be seo death. for example, robbscelebs.co.uk, a website with high alexa ranking, has many of it's frame navigation pages totally absent from results pages, which costs it a LOT of traffic.