meta noindex,follow means what, exactly?

[eRAZOR]

Just to be sure: Adding this to the head of a page ...

<meta name="robots" content="noindex, follow">

.. tells spiders "I don't want to see this page in the index but feel free to index any pages linked by this page". Correct?

[tedster]

All that and more. PageRank can also flow through those links.