I have always found T & P pages to add value and to add a sense of 'trustability' with any domain. I know If I am reviewing a website I always look to see that those pages are completed on the website. A contact page with physical address or phone number is also important.
I agree with you CainIV however should links to PP and TC be all over the site or would it be ok to have them only in the sitemap for example? or is it important to have them on a homepage? Maybe I am thinking too much.
You're thinking too much, there is no rule on where they must be because every site is different in some way.
Where would you reasonably expect to find it on your site? Thats where it needs to be.
Personaly I don't think it matters, from a functionality point of view, if you place it on the first page or site wide in the footer as long as its blocked via a "robots.txt" exclusion. Theres no need for the net to index it.