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Guess what? Links within iFrame elements are followed, and anchor text is passed. Validating +Michael Martinez
Adam Audette's profile photoTadeusz Szewczyk (Tad Chef)'s profile photo
+Adam Audette Unfortunately I can't find it. I thought I had bookmarked it on Delicious but all I can find is the Search Engine Roundtable post. So I maybe mistook the original test for a news report.
The official Google position seems to be ambiguous at best:

I think it's logical though that they support iframes now like they also support JS comments to be able to crawl Facebook comments. Facebook pages are inside iframes as well.
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