This is interesting, I just downloaded a copy of the latest back links that Google found to my site. It is showing a rel=nofollow as a new back link. The link is on this site:
http://www.hardcoreamateursex.com/vi...her-knees-231/ To my debauchery.com. The hyperlink is "no followed" however the image that it grabs from Debauchery is not. I don't think that that counts though.
Matt Cutts has said that Google reserves the right to follow a link that you list as no follow, but they will not count it for page rank or trust being sent from your site to the receiving site.