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But if the outbound is related to the subject of your page, for example, the page is about widgets and you link out to an authority site about widgets, you gain much more in SERPs than you loose due to PR leakage.
Using nofollow in such case may be considered gaming Google and if used persistently, might lead to penalty. There are more ways to hide outbound links, but they are not advisable.
But why would you like to link to bad sites anyway?
and as for linking out to external sites, I think it is a good thing to do. If you didn't link to other pages, how "natural" would your website be? If you link to say 100 websites/page, now that might not be the smartest thing.
using nofollow is not gaming Google. Websites use it all the time
Depends how you use it. If you put nofollow on some outbound links, especially in user-added content, that's ok. But if a website puts nofollow on every outbound link - that obviously looks like they wanted to manipulate PR distribution, and might lead to a penalty.
I don't see any penalty here, at least bit directly. There are so many other factors in the Google algo though, and I suspect it might help to link to quality sites/pages on your topic.