Google has expressly stated that they prefer displaying view-all pages as opposed to paginated content. The reason: user satisfaction. This makes sense since who would like to have to click on “next” just to see the next instalment of an article, when you can just as easily view them by scrolling down the page.
With that in mind, Google urges those who display their content as paginated pages to also offer them in a view-all page format. However, they also acknowledge that in some cases using paginated pages and ensuring that users land on them as opposed to the view-all page is desirable (i.e. view-all pages with slow loading times and sites where users are already used to or prefer paginated content). In these cases Google’s advice is to “noindex” the view-all page so that it will be clear to Google that it shouldn’t be displayed in their results pages, much less rank better than any of the paginated content. They also suggest that you use the new HTML link elements rel=”next” and rel=”prev” to help Google easily figure out the flow of the paginated content, and so be able to return the first page as landing page as much as possible.
For more in depth tutorials on how to use the rel=”next” and re=”prev” tags, read Maile Ohye’s post on Pagination with rel”next” and rel=”prev”.