This is a great little hack!
First, you are only excluding new members, with under a certain post count, from having a link that they put in a post, or in a signature, from being indexed by a search engine. It does not affect any other links in your forum, only those. If you have spammers dropping urls in posts, then the urls they drop, will not be indexed.
I recently had a user join my forum, and I could tell right away that he was nothing more than a "link dropper" (or, you could call, a "name dropper"). He posted short, little one sentence messages and reply's in all of my sub-forums with little meaning to the related subject matter. In other words, he was trying to 'fake' it. The one thing that he did manage to include was a link to his website, or other sites (commercial sites, loosely related to our forum) in both his posts, and in his signature. He only made about ten posts and was never heard from again. Little does he know that, with this hack installed, it was all for nothing.
After installing this hack, I check the source code of various posts made by members that are under the post thresh-hold and those that are over the thresh-hold. I only found the "nofollow" in posted urls that were under the thresh-hold.
My forum deals with ship/boat modeling. A some what limited subject to most Internet users. I and my fellow hobbyists can tell pretty quickly if a new member like the one above knows what the hell they are talking about or not. I set my new poster thresh-hold to 25 for now. So any llegitimate link that a legitimate member puts in a post will be indexed soon enough.
This hack, for me any way, takes care of those links that are in that 'gray' area. Ones that are kind of related to our site, but until the new member has "proven himself", his posted links won't be indexed.
Great hack kall,

, John 'clicks install'