Hey Mike Fan,
What you're looking at there is called a data reference link (that ylt= attribute gives it away). In short, it is indeed a followed link and would pass any authority you'd expect from a plain old link. The big difference is in how it's used.
The _ylt type variables are data packets. They contain specific base64 encoded data. The link could be a login, referential data, tracking data, or even spyware. The main point is someone making that link wants to keep track of who's doing what with it. On large sites, it's actually more common than you'd think for tracking purposes.
In short, this link is probably fine, even if it's a little scary looking in the page source. When a site that famously no=follows uses a followed link, you better believe they're going to track what's going on when they do.
Mike