Are Nofollow Links good?

[leecar]

Hi All,
My site has dropped ranking recently and I believe it's to do with Google'snew EMD stance e.g. not liking links out from articles so they have stated best to block the link and add for example
<a href="http://www.mortgagebestrate.co.uk/" rel="me nofollow">Commercial Finance</a>
Notice the "me nofollow" part. Also do I then go to the Google reconsideration website page explain the new amendment and resubmit the site?
Please let me know if the following example is correct to applying this code and correct actions, thanks.

[pauljameson141]

All links are Good either no-follow or do-follow. Google indexed both links even no-follow also. I saw in google result that they indexed no-follow links also.

[jfambrini]

Do follow links add to your PR and a comination of do-follow and no-follow contribute to SERPs. After Penguin no-follow links are all important because if your sit only has do-follow links then Google knows that you have been generating links on your own and that these are not voluntary organic links. If you have too many do-follow links then dilute your link pool with a healthy dose of no-follow links.