Brett_Tabke - 6:11 pm on Jul 20, 2010 (gmt 0)
>One of my sites has about 50% of the pages with the "noindex,follow" robots attribute.
Google has said time-and-time again that "noindex" means they will not show that page in any search result, but that is will still be used in pr and rank calculations. Matt Cutts said that here about circa 2003. Of course links on pages - even NOT in the index count. If GoogleBot can download it, then it is going into the algo calcs. The only way you are keeping that out of the index is to not let googlebot see it.
a 404 link is an entirely different discussion.