I haven't really made it around to testing the whole nofollor attribute thing. I am wondering if anyone would like to share any experiences they have had with it and how it has/has not affected a page's rankings. I am curious to hear if this attribute is used in an anchor that has relevent terms in the anchor text if it will still help the page rank for that anchor text (the page the link is on not pointing to) if the attribute is used in the link.
Google implemented the rel no follow tag after their last update so there is no evidence on it's effect on PR. The story goes though that Google will not count nofollow links as part of your incoming links so your PR should theoretically fall.
Jan, good point. I also don't believe in no follow. If someone has a popular blog, just the fact it has "nofollow" won't stop spammers from spamming the site.