But unfortunately, like so many great potential ideas, there are serious problems with this approach. It originates with the fact that this has been used be spammers as a way of stuffing unrelated links and content on a page. The fact that the NOSCRIPT content is not seen by most users would make it a way to hide content.
The result is that the search engines cannot really trust the content found within a NOSCRIPT tag. Here is a forum thread at WebmasterWorld where Brett Tabke says that NOSCRIPT content links do not pass Page Rank. He also indicates that any content within the NOSCRIPT tags may not even be indexed.