I was selective on a first pass. I have some pages that I know don't go anywhere to be indexed in a good way, but I do have some affiliate pages that actually get indexed as their own page. So it would depend on the type of page and program, rather than a blanket decision.
I use the LinkShare program and their affiliate banner code is quite bulky and contains a HREF link to LinkShare and the image source within the <a href> tags is the actual merchant (i.e. [merchant-xyz.com)....]
Does anyone have any ideas on how Google interprets this? Does it see one or two outbound links, or does Google ignore the affiliate code completely? Can it hurt my rankings in any way?