I recently added noindex to my paginated product listing pages after page 1. New products show up somewhere after page 1, and Google hasn't increased my non-supplemental page count (site:www.example.com/*) since I made the noindex change, even though I've been steadily adding products ever since. This seems to indicate that Google isn't finding the new products because they are on noindex pages.
Is that consistent with what you've seen?