goodroi - 12:01 pm on Aug 11, 2011 (gmt 0)
Iframes can hide content from googlebot but it does not guarantee your content is hidden from Google. When googlebot visits a page with an iframe it does notice that there is a white space it can't access. This could lead to Google having a manual reviewer visit your site and seeing the content.
Since you are looking to hide product links, iframes may only partially work. Why do I think partially work? That is because Google has many ways to gather data online besides googlebot. For example Google toolbar users & Chrome users visiting your site and clicking the hidden iframe product link will let Google know those pages are connected.