If you link out to irrelevant sites, Google may ignore the page, too – but again, it depends on the site in question. Who you link to, or HOW you link to, REALLY DOES MATTER – I expect Google to use your linking practices as a potential means by which to classify your site. Affiliate sites, for example, don’t do well in Google these days without some good quality backlinks and higher quality pages.

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When would this be useful? If your site has a blog with public commenting turned on, links within those comments could pass your reputation to pages that you may not be comfortable vouching for. Blog comment areas on pages are highly susceptible to comment spam. Nofollowing these user-added links ensures that you're not giving your page's hard-earned reputation to a spammy site.
That's why PA and DA metrics often vary from tool to tool. Each ad hoc keyword tool we tested came up with slightly different numbers based on what they're pulling from Google and other sources, and how they're doing the calculating. The shortcoming of PA and DA is that, even though they give you a sense of how authoritative a page might be in the eyes of Google, they don't tell you how easy or difficult it will be to position it for a particular keyword. This difficulty is why a third, newer metric is beginning to emerge among the self-service SEO players: difficulty scores.
This broken-link checker makes it easy for a publisher or editor to make corrections before a page is live. Think about a site like Wikipedia, for example. The Wikipedia page for the term "marketing" contains a whopping 711 links. Not only was Check My Links able to detect this number in a matter of seconds, but it also found (and highlighted) seven broken links.
After the Panda update rolled out, the latent risk in such a strategy could (typically would) vastly exceed the direct cost of the content, as poor pages on one part of a site could drag down the ranking of other pages on the site which targeted different keywords. Some sites have seen their search traffic fall over 90% with their ad revenues falling even faster. Demand Media went from being worth a couple billion to tens of millions of Dollars. ArticlesBase.com sold on Flippa for $80,000, but was making over $500,000 PER MONTH in profit before getting hit by Panda. Many other Panda-torched sites like Suite101 have simply went offline.
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