Search engines are script disabled, as Chris points out, and like virtually all robots. That said, they take "graceful depredation" to the extreme - this is why people try to get away with foolishness like <span style="background-color:white; color:white">hidden text goes here</span>. So long as you're turning things that are already there, on the page, on and off, the SEs will see it with no problems. On the other hand, if you're doing lots of document.writeln(), the search engines won't ever see it.
But, I hear you're supposed to design for human visitors.  The fact is, some people are still using pre javascript browsers from 1820, some people have dialup, and not everyone has upgraded to fancy color screens. You can't please everybody, but you can waste a lot of time trying.
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