Google's new listing of your most recent links
 

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.

Cool story, bro.

There is a difference in showing links to a page and whether or not that link is counted in the ranking algorithms.

Of course there is a difference.
Something, be it money or interest, a friend or whatever, prompted you, to indeed make an action and put up a link. So someone, thought the site being linked to to be of some sort of value. Google will try to see why the link was created at all. What was the effort or value prompting the link to be added, is the question they will ask themselves.

But you as a siteowner might not want to share your linkjuice with that site, so you use nofollow. But completely regardless, Google will look at the link and see what it is.

Yes, but what I find interesting is that Google's new tool accidentally is showing the no followed links as new back links to my site.

Another interesting find, someone has spammed message boards over 1300 times with jibberish for anchor text and linked back to my site. A lot of the message boards were from Russia.

I get plenty of nofollow links listed in webmaster tools. Not at all convinced that they are zero value, very probably much less value, but zero seems unlikely to me. I think nofollow is probably just one of the signals that G uses to decide a link is paid/spammy and is to be ignored.

hony, I agree. I think that no followed links will help your site. I have read that Google expects certain types of sites to actually have no followed links pointing to them.