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Nofollow leaks no PR, that's for sure. Always using it and I have never seen any problems with it so far, since google invented it they stick to it and won't make it obsolete by letting PR leak. The myths about nofollow and leaking are because it's named a bit ambiguous: The bot actually follows nofollow links, but disregards them PR, link juice and penalty wise.
Smokey's solution is very nice and elegant, but not 100% foolproof and secure. If a bot slips through, you may be fucked for cloaking. I generally don't like cloaking much, even the most expensive IP based solutions aren't perfect.
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