1) I have low quality content on my site 2) I'm blocking it from you for better rankings 3) Users can still see this low quality content 4) I'm trying to trick you
Please remember noindex is not like robots.txt. Robots.txt says Google you may NOT crawl this page. BUT, "noindex", says please, Google, do crawl this page, but please do not include it in your indexed results. Actually the highest quality pages may meet this criteria.
So should pages like "terms", "privacy", "disclaimers", "contact" and perhaps even "about", be "noindexed"?. (Remember Google will still crawl these pages!)