Nofollow the link condom

Arstechnica informs about the google's initiative to outsmart tricksters by the introduction of a HTML attribute that will surely affect how page ranks in search engines. rel="nowfollow" tells the search engines that they shouldn't follow a particular link, nor consider the link as factor in their indexing algorithms. But some people are not happy with this as they think this is some type of link condom and others believe that its a great way to limit blog and comment spam. All the major search engines seem to be in agreement to support this