Proof That No Follow Is B.S.???

I believe, from my daily experiences in doing SEO for my own business, that no follow
is a load of crap. I want to see if any others have been seeing the same.

Forget what the guru's say... I mean like real cold hard proof that your campaigns
are still working even with no-follow links.

For example when I search for how many backlinks some of my blogs have
I find a lot of them are coming from no-follow sites.

If it was no follow shouldn't that link have not been counted?

The way I see it is they still count the links they just don't pass any of the
PR juice... and since Google is really the only SE that cares about no-follow
and PR... Did the whole "no-follow" thing ever really work.

Since ASK, MSN, and other smaller SE's never cared about those and most
SE's share indexes when they don't have enough for a keyword or maybe
share is the wrong word but spider each other.

Anyhow, I'm seeing in my testing that no-follow means nothing to me
is anyone else seeing the same?

EDIT: I am seeing that "do-follow" is better but not seeing that no-follow
doesn't count at all like some people say.

Thoughts?