Yes it will index those pages if you have them linked within your site.
For instance, lets say your have a page named view.php and your content is identified by label:
http://www.mysite.com/view.php?label=12345 is fine, results for this page will vary search engine to search engine.
Sometimes search engines will link your main domain with another sub search result item for the actual content. It depends on the keywords that have been searched for amongst other things that have to do with ranking.
Almost all major search engines can tell the difference when content has changed within pages like this.
There is a length and complexity limit with some search engines (including google) for the URL. I am not sure if this information is publicly available though, I can't recall reading it.
I haven't personally ran into any issues when using small amounts of information like the above example followed by 3 more 'labels' with similar values set after them.