From what I've read on the internet, it is best to "noindex,follow" all pages >1. This issue had bugged me for quite some time as well, and I've struggled to find good resources explaining why their solution was the best. Now that I've actually given the subject some thought, and finally managed to read some quality material on the matter, it all makes sense.
It's basically a checklist. Do you want search engines to
In most cases you don't want your paginated result pages to be indexed. With our without Panda, visitors get little value from actually viewing 'page 7' in your result pages. That actual page provides little or no value to those visitors. However, you DO want those items listed on these paginated pages to be crawled, especially when you don't have any other pages linking to them (which you should by the way). This boils down to:
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Don't nofollow your paginated links (because you want search engine spiders to reach them)
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Put "noindex,follow" in the meta robots tag for all pages >1 (thus page 2 and greater) so the engines will no index these paginated results, but will crawl on to the pages that are behind the listings
Good luck!