Eric Enge: Can a NoIndex page accumulate PageRank?
Matt Cutts: A NoIndex page can accumulate PageRank, because the links
are still followed outwards from a NoIndex page.
Eric Enge: So, it can accumulate and pass PageRank.
Matt Cutts: Right, and it will still accumulate PageRank, but it won't
be showing in our Index. So, I wouldn't make a NoIndex page that
itself is a dead end. You can make a NoIndex page that has links to
lots of other pages.