The search engines see text. They strip out all code and just read the page left to right, like we do.
If there are no coding errors in your page, the engines will read it all and index it.
They try thier best to go to url's formated like this:
index.php?id=1&other=stuff
But most of them get lost rather quickly.
If you want to check to see if your entire page is ledgible by the search engines, check out http://www.webmaster-toolkit.com and click the Search Engine Simulator link.
It's pretty frickin cool.
If you have problems in your code or think you do, check out http://www.netmechanic.com and run thier free one page test (is really scans 25 but only gives you results the page you enter).
It is even cooler.
Hope that helps.