From what I've read they will be indexed however, like the second link darrell gave, the iframe pages will be indexed independently.
So when someone searches in Google and it picks up your iframe, it will load the iframe and not the original page the iframe was placed on. Hopefully that makes sense.
What I suggest, if you HAVE to use iframes (otherwise you can use php, server side includes etc to include the files contents), you should put a link back to your home page within that iframe so that the visitor can navigate their way back to the main website.
Hope that helps.
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