Experts suggest footer links to be nofollow. nofollow suggests the Search Engine to not follow the individual link. In contrast the meta tag "nofollow" will guide the Search engine not to follow the entire page.
Since the 3 column footer has about 13-15 links in them and the footer is at every page of the website, I added the rel="nofollow" in JAHAJEE section of footer. The FOLLOW section link were modified to have "rel=me nofollow" indicating the Search Engine Bots not to follow the link and additionally informing them that these link relate to the "Social Graph API" of my account. My modified 3 column footer for SEO purpose now looks like
<a href='http://feeds.feedburner.com/Jahajee?format=html' rel='me nofollow'><img src='/css/feed.png'> Subscribe</a><br/>
<a href='/user/JAHAJEE/' rel='me nofollow'><img src='/css/JAHAJEE.jpg'> JAHAJEE</a><br/>
<a href='https://twitter.com/JAHAJEEcom'><img src='/css/twitter.gif' rel='me nofollow'> Twitter</a><br/>
<a href='/Testimonials/47.html' rel='nofollow'>Testimonial</a><br/>
<a href='/Change-Log/46.html' rel='nofollow'>Change-log</a><br/>
<a href='/j/terms-of-service/' rel='nofollow'>Terms of Service</a><br/>
<a href='/feedback/' rel='nofollow'>Contact Us</a><br/>
<a href='/about/' rel='nofollow'>About Us</a>
Additionally you can also nofollow a particular link by using robots.txt as below.
I am deliberately leaving the "MOST VIEWED" section untouched as I want the Search engines to follow the links of such posts and even make them more popular.
While I am not very sure right now that doing such a thing helps in Search Engine Optimisation (SEO), I think only time will tell..