Wednesday night, during the "Exhibit Hall - Cocktail Reception" I spoted Matt Cutts a few yards away from the Google booth. On my way over to say hi, which I really didn't do the whole time being at the conference, some Scandinavian folks came over to ask him a question.
Matt explained that the page was not "cloaked" because it was not showing different content to the search engine and the end user. And that it would be an acceptable use of this strategy, to enable the bots to spider the site and pre-qualify users before seeing the content.
My only question to Matt now is the following. Matt, what about those new young GoogleBots? Are they allowed to see content meant for the eyes of 18 year olds or older? I mean, how does the dog years work for GoogleBots? :)