This is why I like to do my own research, rather than listening to people who state something without any prior research or investigation
I have to say I have never researched NOFOLLOW, it is not something that has bothered me really. I am not sure we will ever get to the bottom of it though becuase it is part of the inner workings.
We know that Google often leaves PR in place despite preventing outward flow of PR from certain sites. Maybe they allow the links to stand, but negate the value, maybe they ignore nofollow from highly trusted sources etc, there are a lot of 'maybe's ' .
Pete if you want a hand to run some further tests, shout me!
I ran a little experiment a few months ago with a directory of mine, the same stuff as you did and obviously the link was showing in the top results for the company that has been listed.
I have posted about this funny thing on one of the most popular SEO forums on the net and I've been "crucified" by some of the "specialists" out there.
I'm thinking that since Google started the campaign against paid links and they advised to use no follow where possible they must have put a sort of weight on these links.
Actually Google describes links as "votes" from a site to the other and say that a no-follow link won't pass any page rank, don't remember if I've seen somewhere saying these links won't count in serps.
Hope this helps in your further research
The Following User Says Thank You to Loredan For This Useful Post: