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Thanks for the responses everyone! I will look away and stay focused on helping my clients.

Keep in mind that our metrics (including MozRank, DA, and PA) don't measure the risk of Google devaluing or penalizing your link profile. By no-following these links, your raw inbound link equity will go down, and it will impact our metrics if those links made up a large portion of your profile. On the other hand, that doesn't mean that it's the wrong thing to do. Taken to extreme, these kinds of footer links are getting increasingly risky. Unfortunately, mitigating that risk does mean losing any positive impact of those links. It's not an easy decision, and it may be painful in the short-term, but you're betting that short-term pain against the risk of long-term catastrophe. Whether that's the right decision for your site today is a tough call (and certainly one we can't make without details), and I'm assuming you had good reason to make it. I wouldn't worry too much about our metrics, and I'd focus instead on the impact on your actual rankings and traffic (especially traffic that converts). Don't reverse the decision too lightly, because switching back and forth can also send negative signals to Google.

Thanks for the great responses! For now, I am going to do a rel="nofollow" for all of our clients and slowly over time, change the links,wording and dofollow of the text.