I have been offline for a few days, so time to play catchup.
I was honestly so caught up in other things over the last 36 hours, I totally missed this and it is highly relevant to my Disclosure Policy Plugin.
I am not a lawyer, thus any interpretation of the situation I am going to leave in the hands of lawyers who I have a great deal of respect for, and who themselves are involved in the internet marketing field.
Here are some more links discussing the use of NoFollow for SEO purposes.
Seo Blog has a solid overview of how each search engine treats nofollow.
I am not sure the final conclusion regarding Yahoo and treating nofollow for ranking purposes is correct. I know many people who have done well with blog comments with Yahoo search, even on blogs using nofollow. I haven’t got any recent data.
Payperpost have launched a new site DisclosurePolicy.org, which features a very simple disclosure policy generator.
They provide you with a series of example phrases which you select, and eventually generate a final Disclosure Policy.