Here's the thing:
The googlebot will follow it if you keep the number of parameters under two and make sure to use HTTP in the redirect...
For Google, the url http://theirsite.com is not equal to url
http://mysite.com/cgi-bin/go.pl?url=.../theirsite.com
That means: Googlebot will consider that URL as a whole, and not parse it into two. Therefore pagerank will not be transfered. That's what I meant.
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