Hi Gagan,
I think Irving only suggested using noindex on the additional pages if those pages do not have any index value. As you mention, you feel they do have index value and so you do not want to use noindex on them. I would agree with that
There is an article by Adam Audette, that quotes Maile Ohye from Google
http://searchengineland.com/the-latest-greatest-on-seo-pagination-114284
"However, using rel next/prev doesn’t prevent a component page from displaying in search results. So while these pages will “roll up” to the canonical (or default) page 1, they could still fire at search time if the query was relevant for that specific page.
At SMX West, Maile assured us that it would be a very rare thing for that situation to occur. But it could occur. Because of this, an additional recommendation (strictly as an optional step) is to add a robots noindex, follow to the rel prev/next component pages. This would ensure that component pages would never fire at search time."
More input from Maile Ohye
http://productforums.google.com/forum/#!topic/webmasters/YbXqwoyooGM
Maile Ohye is responding to various questions on pagination.
"@TheDonald, @jerenel: If you've marked page 2 to n of your paginated series as "noindex, follow" to keep low quality content from affecting users and/or your site's rankings, that's fine, you can additionally include rel="next" and rel="prev." Noindex and rel="next"/"prev" are entirely independent annotations.
This means that if you add rel="next" and rel="prev" to noindex'd pages, it still signals to Google that the noindex'd pages are components of the series (though the noindex'd pages will not be returned in search results). This configuration is totally possible (and we'll honor it), but the benefit is mostly theoretical."
I think the key here is that if you have a section of your site that links to all of your blog postings and it is paginated, I would let Google crawl those, use rel next prev and do not use the noindex tag on pages 2-n. I always want to provide Google with a simple crawlable path of all of my content. But Google only needs that one path! Don't distract the Google! Any other versions of the path (i.e. re-sorts of the pagination based on date, or keyword search etc) I hide all of that from Google using noindex/nofollow or robots.txt where appropriate, as Google does not need to waste time browsing those duplicative pages.
Good luck!