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All iframe or frame content would get indexed separately since it's a separate page, of course.
Last I checked however, which was 1 or 2 weeks ago, Google was not indexing iframes or frames by following the src tag, of course if you include noframe type navigation, they all follow that fine, this could have changed since last week however. At that point, when I checked this, Google was not following our src links, Yahoo and MSN beta were. Your results may vary.