Hi Steve,
While I am not aware of any official Google documentation on this topic, there are reports on the Internet that Ajax content can be indexed and Google are working on this. You can verify the assumption very easily if you search for Ajax content in the KendoUI demos, e.g.:
https://www.google.com/search?q=Vins+et+alcools+Chevalier+Toms+Spezialit%C3%A4ten+site%3Ademos.kendoui.com
So the content appears to be indexed. Of course, at this point it does not seem like something you would count on entirely.
Regards,
Dimo
the Telerik team
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