Arguably, it eliminates incentive to link to anything except the most useful resource. I have >11k reputation on SO, and I'll easily admit that I'd be tempted to link to my blog or whatnot for an answer whenever I could wedge it in, if I could siphon off some of SO's linkjuice. I'm not interested in spamming or anything, but that's how the game is played; SO has such a massive amount of clout with Google that any non-nofollow links from it confer an awful lot of weight.
By just nofollowing everything, they disincentivize people from even being tempted to game the system and promote their own stuff, even if it were done in a helpful way. Instead, I am incentivized to provide the most useful, comprehensive link I can find to answer a question. All my incentive is in earning an acceptance of my answer, rather than just in having an answer good enough to not not get spam-binned that sits there and feeds me pagerank.