I see two issues with AngularJS application regarding search engines and SEO:
1) What happens with custom tags? Do search engines ignore the whole content within tho
Google's Crawlable Ajax Spec, as referenced in the other answers here, is basically the answer.
If you're interested in how other search engines and social bots deal with the same issues I wrote up the state of art here: http://blog.ajaxsnapshots.com/2013/11/googles-crawlable-ajax-specification.html
I work for a https://ajaxsnapshots.com, a company that implements the Crawlable Ajax Spec as a service - the information in that report is based on observations from our logs.