This is most likely the same reason digg's frontpage was deindexed. There's no "content" per se, it's just links. Someone will notice, add an exception, and all is well.
Unlike Digg, HN has a substantial amount of content in the comments pages though, which are heavily indexed.
Edit - All the comment pages are still indexed just fine. It's /only/ the front-page. Which, imo, doesn't really matter anyway.