It lets you use raw html in the input box so the links show up as regular nofollow links with the anchor of your choosing when you look at the public profile (which is also something you can customize). Here's an example i just threw together in 2 secs - wicked Music Profile on IMEEM
Take a look on the left column under "About" and you'll find a link to everyone's favorite gay webmasters forum.
Nah on that link you put, it is follow, BUT its going through a link redirector url. if you look at the page source, you'll see
Code:
<a href="http://links.imeem.com/24o8P6R1p_" title="http://www.wickedfire.com">Gay Webmaster Forum</a>