aristotle - 7:47 pm on Apr 16, 2011 (gmt 0)
I'm still wondering about this. The above quote from Vanessa Fox doesn't explicitly say that no-indexed pages are totally disregarded. And since people can still visit them, Google might still consider them to be part of the site's content.
Also, when I strted this thread, I wasn't thinking about the Panda update, but about Google's general treatment of no-indexed pages. But the posters who mentioned Panda said that adding no-index tags to some pages didn't seem to help their overall rankings.
So I think the question is still open.