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As for the whole IFRAME thing I'm still not 100% sure on that one.
Outbound links have some value but it's really hard to say (at this point) how much value they have. They have enough value (IMO) that I'll be implementing a scheme on my links page to link to only PRx or higher web sites. It's not too high of a priority nor do I have access to a Google toolbar so it won't be for a while.