Will, google (matt cutts) has never said they do NOT follow no follow links.
Buried in all the googlese it just means if they like the no follow link, then they follow it.
And index it.
Now for social media and no follow links.
It boils down to this:
SEO people love do follow for the page rank.
Webmasters love ANY link, do follow or no follow, for the TRAFFIC.
If one goes into social media as a way to get traffic, they will not be disappointed.
If one goes into social media as a way to get page rank, they will be disappointed.