Amazon has been doing dynamic, personalized delivery without query strings for some time. Obviously, if you publish to static pages your site can be indexed. However, for the money, it seems like the CMS products ought to include the ability to get a dynamic site indexed by Google. I do Open Market integrations. As far as I know, they do not have a way to do this although I may get told soon that I was just missing something.
Search engines tend to choke on it.