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It's better than a few years back, now that many SEs do index frames - in fact, that's what I wanted to mention.
You know how Google and others prefer the lighter pages with high content to code ratio? Nothing like a frames content page for that. Unburdened of any navigational chores or standard information, you can have a lean, mean, SERP climbing machine.
I've come across horrid sites that load, read and navigate wonderfully by bypassing the frameset (and that look very attractive to bots).
I still think frames can be great if the issues are thought through.
One the simple contents page and 2 the framed version.
Then ensure all links from the contents pages or frameset pages are to frameset pages only and you have solved this issue without use of any javascript.
The only disadvantage is that the complete page is loaded again nav elements and all but as the elements are cached this is no worse than reloading the same elements from a non framed page.
Sometimes you get someones contents or nav only and links point to a window that does not yet exist on your computer so in some browsers at least the links appear not to work at all.
From a usability perspective, I would never recommend frames. Small, fast loading XTTML & CSS built pages are the way to go... imho of course! ;)
One has all the contents. its a normal html page, the contents page.
The other (the frameset page) just has head and frameset statements which call the contents and nav pages.
If you like you can add noframes contents similar to the contents pages because you then have a non framed site for those still using non frames enabled browsers (are there many left).
These do not have to be the same as the contents page they can emphasise more or less or different keywords. But they are a different element <noframes> to the real contents, are you saying google for example cannot tell the difference?
If you were really worried then you could protect all your frameset pages only from SE with a robots command.