I think in my case the "no follow" tag might be useful. My website is for my artwork, and I have quite a few art-related links.

There are a number of artist websites I would like to add to my links page - but many artists seem to set up websites without any links page, and their pagerank remains at 0.

If I understand the "no follow" tag, it might enable me to add these links without fear of lowering my own pagerank. If so, I see this as a good thing for my own website and perhaps, theirs.