dickbaker - 4:30 am on Mar 9, 2011 (gmt 0)
Personally, I not only yanked mine, but I even made sure they all return 410 codes. If I ever decide to reconstruct any of that content, I'll not only redo the content so it's much much better, but I'll present it as a completely new url. The old is gone forever.
Whether or not noindex or a robots disallow is enough...maybe not.
This update has reduced my overall traffic by 20%-30%, meaning that Yahoo, Bing, other search engines and direct traffic are still delivering visitors. I'd hate to give those search engines and people 404 errors just to maybe do it the way Google wants, or maybe not.